FLU, How does one go about putting a freeze on their credit, and is it a huge pain to take it off? Thanks for info you can provide.
novice1027. It's actually pretty easy to put a credit freeze on. Basically, all you need to do is mail(snail mail) each of the three credit bureau (experion, transunion, equifax) requesting that you put a credit freeze. In the letter, you provide your personal information and a $10 check.A few weeks later, you'll get a mail from each of the credit bureaus containing a pin number. You use the pin number to temporary "unlock" your credit file. You can unlock it for a specific person/entity or you can unlock the file for a period of time (for example 10 days).
The slight hassle is making your credit available to others when you need to. FSo if you buy a new car with a loan for example, you need to unlock your credit file in time for the loan company to run a credit check, otherwise they will be denied. If you apply for a job where they are doing background checks and credit checks, you need to unlock your file around the time they plan on running the background check.
It's not really a big deal..If you tell the employer/loan company that you have a credit freeze and explain what it is, they will usually work with you. It's merely a coordination task for you to do.
One positive note asside from someone randomly stealing your credit…It prevents those spontaneous purchases requiring a loan application.
