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November 30th, 2007
Many people opt to freeze their credit when they are having some credit troubles. When go through a credit freeze you will prevent the credit bureaus from releasing your credit report to the new lenders who ask for it. But there are some myths about credit freeze that you need to know. You may have had the wrong idea and though that the credit freeze were having an effect on your report that they really aren’t.
Credit Freezes are Open to Anybody
Actually, only certain states even have the right to initiate credit freezes. Some states require that you are an identity theft victim in order to freeze your credit. 5 states restrict credit freezes: Arkansas, Kansas, Mississippi, Washington, and South Dakota. Everyone, however, can get a fraud alert on their account.
You Cannot Check Your Own Report During a Credit Freeze
This would not make any sense. If you request a credit freeze why would you be restricted from looking at your own report? You still can access your own credit report to make sure it is clean.
You Will Not Be Able to Use Your Credit Cards During the Freeze
The only trouble will come when you try to apply for a new credit card. You will still be able to use whatever credit cards you have active during the credit freeze. So do not worry about that.
One Credit Bureau Will Alert Other Bureaus About the Freeze
Fraud alerts are spread throughout each bureau but credit freezes are not. You need to alert each bureau about the credit freeze from them too acknowledge it. Then you can unfreeze with each bureau as needed.
Freezes Help Prevent Identity Theft
A credit freeze is not an excuse to stop paying attention to your credit report. You always want to make sure you protect your information. Something can slip through the cracks, so continue to watch your report.
Credit Reports Will Not Be Updated During a Freeze
This is not correct. This would not be very useful to anybody. You still have to pay your bills during a freeze, and if you don’t you will still get a negative mark. Your credit report will still be updated accordingly.
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