Reasons Why You Need To Unfreeze Your Credit Report

Reasons Why You Need To Unfreeze Your Credit Report

After one of the top three credit bureaus lost a large amount of data, many consumers realized the need to freeze their credit reports for protection from identity theft and fraud. According to Credit, millennial has the highest freezing rate of 12.2% of freeze funds in their account. Silent Generation – those born between 1925 and 1942 – has the lowest possibility of freezing their credit reports.Reasons Why You Need To Unfreeze Your Credit Report

Freezing your credit report or adding a security freeze will block your credit report from inquiries from new businesses. If your credit report is frozen and the thief tries to apply for a loan on your behalf, the application will be rejected because the company cannot check your credit. Freezing your credit report from all three major credit bureaus offers the best protection.

The Cost of Freezing Your Credit Report

Now it’s free to freeze and unfreeze your credit report. Under the new law, credit bureaus – including the three major credit bureaus Equinox, Experience, and Trans Union – allow you to freeze or unfreeze credit freely. Before this law took effect, the credit bureaus charged up to $ 15 to freeze or unfreeze credit reports. The new law requires credit bureaus to cancel freezing for one hour as long as you send requests online or by telephone.

The credit bureau has its own locking / unlocking feature that can easily confuse consumers with frozen credit. Subscriptions can be tempting because they are often advertised with other easy-to-use credit services such as credit monitoring or additional credit reports. However, the use of a credit bureau lock service can bind you to requirements and provide less legal protection than if credit is periodically frozen.

ALSO READ:  Victoria Secret Credit Card Reviews - Card Login Steps – Card Payment Guide

Reasons Why You Need To Unfreeze Your Credit Report

Reasons You Need To Unfreeze Your Credit Report – The … › … › Credit Cards 101

Freezing your credit report protects you from identity theft and fraud. There are some situations when you need to unfreeze your credit report.

Do I Need to Lift a Credit Freeze to Apply for Credit? – Experian › blogs › lifting-credit-freeze…

How to Unfreeze Your Credit Report; The Bottom Line. A credit freeze, also called a security freeze, helps stop identity thieves from taking out …

How to Unfreeze Your Credit – NerdWallet › Personal Finance

To unfreeze your credit for free at Experian, Equifax and TransUnion, contact each credit bureau. Unfreezing your credit may or may not require a PIN.

What Is a Credit Freeze? Should I Freeze My Credit? – LifeLock › Learn › Credit & Finance

A credit freeze — also called a security freeze — lets you restrict access to your credit report. It enables you to take control of your financial …

When do You Have to Unfreeze Your Credit Report

Unfreezing of the credit reports, also known as thawing in the credit industry, is temporarily left frozen for a certain period of time. In this way, you can put your application in a short window before your credit freezes automatically. Permanent revocation of a credit freeze is called lifting the credit freeze. You will specifically ask to add a credit freeze if you want to protect your credit from an illegal credit request.

ALSO READ: Rewards Visa Card

You must unfreeze your credit report when preparing to apply for a credit card or loan. With freezing in place, the credit card issuer or lender cannot pull your credit report to determine whether you are eligible for a loan. And without your credit report, your application can be rejected.

Reasons Why You Need To Unfreeze Your Credit Report

It’s a good idea to unfreeze your credit report before going in search of a house or apartment. Regardless of whether you rent or buy, you are likely to undergo a credit check. The utility companies also checks your credit when you set up new services after moving

Buying a new phone also requires a credit check, unless you want to prepay for your phone. Most cell phone service providers allow you to pay for your new smartphone without interest and in installment. But  first, they check your credit to understand how much you have to pay. This also applies to non-prepaid cellular service rate.

If you are looking for a job immediately or are on a trip for promotion, unfreeze your credit report. You most likely see your working credit check for financial and upper-level managerial positions or the position where you spend a lot of money.

Because you cannot predict what credit report you need for a business, you must unfreeze all three. Make sure you have enough time to complete the application procedure before freezing your credit report again.

ALSO READ:  Best Free Online Dating Sites For Serious Relationships

Unfreeze Your Credit Report | Reasons Why You Need To Unfreeze Your Credit Report

You have few options when unfreezing your credit report. You can either do it online, by phone or mail. Unfreezing credit report online or by phone is the fastest procedure and option.

Make sure to have the PIN given to you when you first initiated freezing your credit report. However, if you lose your initial PIN, you need to request for another PIN by mail attaching proof of ownership alongside. This however will slow down your application process. Apart from this, unfreezing your credit report is less stressful and simple. Less than 10% of people who unfreeze their credit report have trouble with the process.

About Chris Git

I am an SEO person with over five years of experience. I am mostly into product lunch and review. I feed on tech, Dring Tech, and Dream tech. My hobby is knowing how everything works. You are welcome to my world of content development and product review at I am also a financial analyst with an organization. It has been my sincere interest to help people solve their issues on credit cards. There are lots of questions in the mind of many credit card users. These range from which credit card is best? How many credit cards should I have?

View all posts by Chris Git →