08-14-2023, 10:27 PM | #23 |
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Along the same line: my mom’s credit was hit hard due to ID theft. My brother spent a month helping her with clearing it up and such. I believe they disputed things with the credit bureaus, yet her credit score dropped from high 700s-low 800s to mid 600 range and has stayed there since. It’s been 2 years or so. Any recourse or recommendation on how to boost her score?
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08-14-2023, 10:57 PM | #24 |
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Locked, frozen, whatever you want to call it I do it. Anytime I need a credit check run I just unfreeze my profile with the company/service I use. No issues so far after years and years of use.
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08-15-2023, 05:56 AM | #25 | |
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08-15-2023, 07:12 AM | #26 |
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the whole credit system and the way it works in general is highly suspect... paying off bills and using more of your "available" credit should never lower your score as long as your paying your bills every month... point is... no one really knows what makes sense with credit scores... the whole idea of a freeze seems weird to me as well
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08-15-2023, 07:15 AM | #27 |
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There's no downside in freezing your credit and quite frankly, everyone should do it to prevent fraud. It works exactly as many others have described it.
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08-15-2023, 09:57 AM | #28 | |
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A freeze is not directly related to credit score, only indirectly in that it helps prevent fraud, which can make a mess of your credit.
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08-15-2023, 10:03 AM | #29 | |
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unless you apply for credit on a monthly basis lol.... i question the general security of the 3 bureaus just given the hack that one of them experienced and later how they handled it... a freeze seems like a partial band aid. This is directly from Experian- "4. Know That a Freeze Doesn't Protect Everything A credit freeze can help protect you from someone committing credit fraud by opening a credit account in your name without your permission. It can't, however, protect you from having your identity stolen. A credit freeze has never prevented identity theft. Its purpose is to limit use of your stolen identity to commit fraud against you. If someone steals your credit card number, they can still use your credit account to make unauthorized purchases. Also, if someone steals your Social Security number, a credit freeze won't prevent them from filing fraudulent tax returns and health insurance claims in your name. As a result, it's important to remain vigilant in other areas of your financial life, especially if you're certain that someone has stolen your personal information."
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08-15-2023, 10:45 AM | #30 |
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My understanding was that the freeze allows existing lenders to continue to check your credit, but no new ones. Lock means nobody can see.
I was in the stealership and had to unfreeze our credit to get the loan approved. Then they were frozen again. I'm not paying for a lock. CPA just sent me an email that they got hacked. Next up is some sort of IRS PIN option, just another thing for older-er people to forget. . .
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08-15-2023, 10:58 AM | #31 | |
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08-15-2023, 11:20 AM | #32 | |
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Every now and then we still get a letter from someone trying to recover their costs. Family member lived with us for many years. Also get magazines showing up every now and then, in her name.
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08-15-2023, 12:15 PM | #33 | ||
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I don't think anyone is suggesting freezing your credit means you can be careless about everything else. It is just a step to take, like protecting your credit card numbers, bank account numbers and SSN. Quote:
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08-15-2023, 02:53 PM | #34 | |
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The ONLY thing this prevents is potentially new accounts being opened in your name... to me, that's the rarest form of fraud... i'll say, i've never had that happen (knock on wood)... and everytime, there was a hard credit inquiry on my end (obviously initiated by me), i immediately got a notification by every agency... like within five minutes... all you have to is sign up for notifications... even credit cards provide this for free now.
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08-15-2023, 04:45 PM | #35 | |
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