Credit Report News, Tips & Advice
Website CertifiedPrivacy Protected

Price for Credit Report Freeze Remain the Same

By Faye Mergel
Published: Friday, November 13th, 2009

Industry specialists are happy to announce that the price of credit report freeze remain the same and will continue to be so for an indefinite time in the future. They add that the low cost will help consumers protect themselves better against identity theft.

Price for Credit Report Freeze Remain the SamePeople who feel that their identities may have been stolen can easily protect themselves by freezing their credit report. Experts say each freezing and unfreezing an account costs $10 at the most. Once a credit report is frozen, other people can no longer access it, including lenders.

According to specialists, inquiries made by lenders are not good for a person’s credit score and will make it more difficult for an honest consumer to get the best interest rates on loans. But if a person needs to apply for credit, all he has to do is call the CRAs and have his account unfrozen. This can cost up to $30 since a person must contact the three major CRAs but experts say the small fee is worth it if there is a real necessity to apply for loan.

Consumers who believe that the threat of identity theft is not strong are advised to raise a fraud alert. CRAs attach this message on a credit report, requiring lenders to verify a borrower’s identity before granting a loan or other credit. This means that consumers who want to apply for a credit card will have to wait until the issuer verifies that the applicant is not a fraudster. The bureaus do this by contacting the owner of a credit report.

The alert expires in 90 days and has to be resubmitted if the identity fraud is not yet solved within the timeframe. Specialists advise consumers to keep the red flag on their accounts if there is still any threat of identity theft so they can protect themselves from fraudsters.

A fraud alert does not offer the same protection as a freeze but experts say it does remove a name from pre-approved insurance offers and credit cards. CRAs explained that the costs that are tagged with a freeze are necessary since it provides better protection from fraudsters.

Consumers who are very concerned about their identity are advised to choose a freeze instead of merely placing a fraud alert on their credit report. Additionally, consumers are advised to check their accounts with the CRAs at least once a year to make sure that no fraudulent item tarnishes their report. Experts add that federal law provides one free credit report to consumers every year so they must take advantage of their right.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.