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Should You Freeze Your Credit Report at This Point?

By Karen Anderson
Published: Tuesday, October 6th, 2009

Credit can lead to a dreadful thing—you can have your identity stolen. There are so many films, books and other ways where identity theft was featured. Credit report tips often make mention of how you someone can steal your identity through your credit report and credit card. It is scary and we are all aware of it. There were so many possible ways to counter it that has been presented. One such suggestion that has been deemed to be very effective is to freeze a consumer’s credit report. Is it a good idea to have your credit report frozen? Read on and weigh your option well.

Aside from identity theft being closely monitored, what are the other pros of having your credit report frozen? Well, credit report tips will tell you that there will be no negative impact on your credit score if your credit report is frozen. Freezing your credit report will lessen the chances of your identity getting stolen and your credit information getting used without your permission. If you temporarily lift the freeze, you can still open new credit accounts. It is easy and quick to place a freeze. In five business days of the receipt of a written request, your freeze will be in place.

At some point in time, you may decide to lift the freeze in your credit report. You are allowed to do so as credit report tips might say. In fact, lifting a freeze is also relatively fast because credit reporting agencies are mandated to lift the freeze within three business days upon receiving the request. But be sure to still check your own credit report even if the freeze is in place. You are allowed a free credit report once a year so you can maximize this advantage.

Freezing your credit report does have its downsides. Credit report tips will tell you that you can get into a lot of hassle if you have plans to apply for car loan, mortgage, credit lines, etc. The process of lifting and putting back a freeze can be such a bother. If you have plans to apply for mortgage soon, you should think twice before freezing your credit report because it will be impossible for a creditor to see your score while your record is frozen. It would work better for you to wait for your application to get approved before freezing your record. Even if your credit report is frozen, creditors still have access to it and you will not escape the collector for overdue accounts.

If you have credit offers that are already on the way, meaning it has been pre-approved, they will still continue. Although you can choose to not acknowledge these offers, you cannot escape these unsolicited offers just by freezing your account. Even government agencies as including taxing authorities and child support collection services can still access your files even if it is frozen. If there is one important thing that you can get from credit report tips this is the information that a freeze in your credit report will prevent a potential employer from doing background check. If you are a job seeker and among those who have been victims of the lay-offs that happened these past few months, you should know that you need to temporarily lift the freeze if you want to get a job.

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