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OK, what is "Equifax security freeze"?
by krzrak 9y ago
OK, what is "Equifax security freeze"?
- gruez 9y agohttps://en.wikipedia.org/wiki/Credit_freeze https://en.wikipedia.org/wiki/Credit_freeze
- chris_st 9y agoA security freeze (which you can get from all three credit reporting agencies for small fee, $10 or $20) prevents them from giving your credit information to a bank (or car company, or college loan agency, or...) asking about you, when you ask for a loan. I don't know if they charge for this service or not. It also prevents them from selling your credit information to credit card companies (and, I'm sure, insurance agencies and many other businesses). These businesses want a list of people with good credit history to market their wares to. Essentially, you're "taking yourself off their sales shelf", so they do not want you doing this, and will make it as hard as they legally can. Also note that you pretty much cannot get a loan while your credit records at these firms are frozen, but it's actually easy to get them un-frozen and then frozen again once you get the loan. In fact, you should find out which credit agency your bank (car dealer, whatever) uses and then only unfreeze that one.