Freeze your credit!

[Wcross]

http://www.consumersunion.org/campaigns//learn_more/003484indiv.html

Most State laws allow you to freeze your credit by paying a small one time fee to each of the three credit reporting companies. The freeze will prevent lenders from accessing your credit history for the purposes of granting a loan. The freeze can be temporarily lifted on request.

I had a scare recently when someone accessed my online bank account. I found out I can freeze my credit for 7.50 per reporting company. This is FAR cheaper than the 9.95 per month that "life lock" charges to do essentially the same thing. A one time cost of 22.50 compared to 119.40 per year, EVERY year that life lock charges.

[supernova]

1. Yes, I'm considering doing this

very thing.

Personally, I'm staying away from credit as much as possible, but I don't want anyone accessing my history without my say so anyway.

[cutlassmama]

2. Great idea! Thanks!

[Gold Metal Flake]

3. You mean...

This would prevent inquiries from being reported on your credit record, or it would prevent inquiries?

[Wcross]

4. It makes it impossible for a lender to see your report.

No report = No credit extended. You have total control of your credit history. If you choose to allow a lender to see it so you can obtain credit you can unfreeze it temporarily.

The beauty of it is NOBODY can obtain a loan using your credit history. You will be protected from financial identity theft.

[Gormy Cuss]

5. This is a good tool, however there is a cost to unfreezing it in most states

If you're about to apply for a car loan or a mortgage it may be better to wait.

IMHO the credit bureaus should be paying consumers for disseminating credit data beyond consumer initiated requests. That would put a dent in potential ID fraud.

[Mrs.Matcom]

6. so what did happen?

I never did see your reply to the original thread...:hi:

[Wcross]

7. All is well.

What happened is someone cruised around my online account to see if I had auto-pays set up for credit card accounts. They also attempted to set up a transfer but it wasn't successful.
I was able to close that account & open a new one. I am not going online with the new one. The bank was very interested and checked all the account activities.

Thank you for your advice, the whole situation scared me "straight" regarding electronic banking & thieves. I put a freeze on my credit report due to this incident.

[Mrs.Matcom]

8. hmmmm

was the bank able to find the IP address of the person that logged on as you?
It is very scary when that stuff happens, and it was pleasure to help you! Glad I was able to give you some useful info! If any other problems arise, please feel free to PM me and other questions you might have. :hi:

[Wcross]

10. I suspect it might have been someone at the bank???

My user name & password were so obscure and random it would have been difficult to get lucky & figure it out. I have never shared the info with anyone & nobody has access to my computer at home.

[hoozyorsugadaddy]

9. Cool idea