11 ms·

I've never taken on any debt in my life, would I still need to do this or an I fine since I've never initialized anything in the first place?

hairofadog 3y ago
That's a really good question that I don't know the answer to. I would guess that they have a file on you somehow – Utility bills? Landlords checking your credit? But I'm not confident enough to know what would be the best thing to do in that scenario.
- ohthatsnotright 3y ago
  In the US utilities are normally yet another credit reporting agency: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/national-consumer-telecom-utilities-exchange/ https://www.consumerfinance.gov/consumer-tools/credit-report...
deleted 3y ago
[deleted]
ccorcos 3y ago
Do you have a credit card? That is technically debt. If someone has your information, they can open a credit card under your name and max it out. Or even more common, they’ll get a car loan under your name. Since loans are furnished at the end of the day, they’ll often get 2 or 3 car loans in the same day.
- TheFreim 3y ago
  I don't have a credit card, I only ever pay using cash or debit card directly from my bank account.
mhardcastle 3y ago
Somebody using your social security number and other information would be able to apply for credit. As soon as they do that, the bureau(s) called by the lender would have a file on "you". The federal government requires that all three major bureaus (Experian, Equifax, TransUnion) provide you one credit report each per year, for free. You can request it here, the official source for these mandated free reports: https://www.annualcreditreport.com/index.action https://www.annualcreditreport.com/index.action
- TheFreim 3y ago
  Thank you for the information, I'll look into this.
somehnguy 3y ago
Yes, still worthwhile. The bureaus collect all sorts of information and attach it to you regardless of whether the information is even correctly attributed. A freeze might prevent some of that nonsense. I had a difficult time getting loans to go to college many years ago. Come to find out my credit was through the floor due to all 3 agencies misattributing dozens of pages of bad loans to me starting when I was only a toddler. The middle initials & socials were 1 character off each, but it all still went to my name. Unfortunately I didn't have the knowledge to freeze my credit when I was 3 years old - my fault, I should have known I would later suffer the consequences of my inaction.
- samstave 3y ago
  You have to be the dumbest toddler I have ever met! - We need a financial revolution (which is what OWS was all about -- and you know how they responded to that - especially in SFO.... "people are mad at the FED!, so must remove all planter boxes in front of the SF FED and install giant granite bollards and update our lifting stop gate at the entrance - and we have to get our fed workers to stop bragging about their $30,000 a month bonuses loudly on BART (yes this is an actual thing)
tylercrompton 3y ago
It doesn't matter that you don't take on debt. The point is to protect yourself from unscrupulous individuals who want you to take on debt on their behalf.
dogman144 3y ago
Full stop, yes you should freeze. Issue isn’t if you have debt or not. Credit rating agencies start tracking very early, and what they’ll track for you is basically “no data/low credit score.” That doesn’t mean you’re not in the system, or more importantly - doesn’t mean qn attacker can’t take out debt in your name. A freeze is the only thing that stops this for you and your kids. I hate that it works this way but such is life.
whimsicalism 3y ago
> I've never taken on any debt in my life Why not? Do you ever anticipate getting a mortgage? If yes, then you probably should be.
- TheFreim 3y ago
  I don't plan on ever getting a mortgage. I am extremely debt averse, I'd rather live frugally than essentially being a slave to the bank/creditor for years.
  - whimsicalism 3y ago
    This will also impede your ability to get rentals. I only take on debt I can immediately pay off (ie. credit card debt), but it still is important to demonstrate to creditors.
- ChrisMarshallNY 3y ago
  Sadly, if they are under 35, they may never have the chance. Home ownership seems to be going the way of the Dodo. But credit scores are used for apartment rentals, and even employment.
  - PaulDavisThe1st 3y ago
    > if they are under 35, they may never have the chance. Home ownership seems to be going the way of the Dodo. This is false. Millenials are trailing previous generations a little, but > 50% of them now own homes: https://rentalhousingjournal.com/more-than-50-percent-of-millennials-now-own-homes/ https://rentalhousingjournal.com/more-than-50-percent-of-mil...
    - SketchySeaBeast 3y ago
      Hmm, given the average age of a millenial is ~33 the statistic and the claim (exaggerated as it is) don't necessarily need to be totally out of alignment.
gumby 3y ago
Like FB, LinkedIn etc the credit bureaux maintain a file on everyone they come across. So they likely have a file on you regardless. In addition, in the US these files are used for other purposes than taking out a loan, for example renting an apartment, for some jobs, etc. I recommend building up a credit history even if you don't need it now. You might later. There are plenty of articles on the web about how to start, basically getting a credit card (perhaps secured) and slowly building up your credit. I am lucky enough to be a cash buyer. I tried to rent a house for a year a few months ago but my credit rating was not good enough. I have a couple of credit cards which I pay off every month (so good, my credit utilization is low) but by the rating companys' POV there wasn't enough to go on: not enough accounts, and no accounts apart from the CCs: no mortgage, no car payments etc. The fact that I'm a homeowner doesn't appear in the report.
dylan604 3y ago
First, you should take this quiz by telling "us" your mother's maiden name, the name of the street you grew up on, your elementary school's name, the name of your first grade teacher, the name of your first pet, the make/model of your first car, and to help make sure we know it's you, please enter your SSN# which also helps keep all of this info from being confused with someone else. After all of that, please, continue to avoid taking on any debt. We will relieve you of that burden
lr4444lr 3y ago
Have you paid a utility bill? Signed up for a utility account? Had a credit check run for an apartment for made payments on a lease? You are probably in the system. Learn to play it before it plays you.

hairofadog 3y ago

That's a really good question that I don't know the answer to. I would guess that they have a file on you somehow – Utility bills? Landlords checking your credit? But I'm not confident enough to know what would be the best thing to do in that scenario.

ohthatsnotright 3y ago
In the US utilities are normally yet another credit reporting agency: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/national-consumer-telecom-utilities-exchange/ https://www.consumerfinance.gov/consumer-tools/credit-report...

deleted 3y ago

[deleted]

ccorcos 3y ago

Do you have a credit card? That is technically debt. If someone has your information, they can open a credit card under your name and max it out. Or even more common, they’ll get a car loan under your name. Since loans are furnished at the end of the day, they’ll often get 2 or 3 car loans in the same day.

TheFreim 3y ago
I don't have a credit card, I only ever pay using cash or debit card directly from my bank account.

mhardcastle 3y ago

Somebody using your social security number and other information would be able to apply for credit. As soon as they do that, the bureau(s) called by the lender would have a file on "you". The federal government requires that all three major bureaus (Experian, Equifax, TransUnion) provide you one credit report each per year, for free. You can request it here, the official source for these mandated free reports: https://www.annualcreditreport.com/index.action https://www.annualcreditreport.com/index.action

TheFreim 3y ago
Thank you for the information, I'll look into this.

somehnguy 3y ago

Yes, still worthwhile. The bureaus collect all sorts of information and attach it to you regardless of whether the information is even correctly attributed. A freeze might prevent some of that nonsense. I had a difficult time getting loans to go to college many years ago. Come to find out my credit was through the floor due to all 3 agencies misattributing dozens of pages of bad loans to me starting when I was only a toddler. The middle initials & socials were 1 character off each, but it all still went to my name. Unfortunately I didn't have the knowledge to freeze my credit when I was 3 years old - my fault, I should have known I would later suffer the consequences of my inaction.

samstave 3y ago
You have to be the dumbest toddler I have ever met! - We need a financial revolution (which is what OWS was all about -- and you know how they responded to that - especially in SFO.... "people are mad at the FED!, so must remove all planter boxes in front of the SF FED and install giant granite bollards and update our lifting stop gate at the entrance - and we have to get our fed workers to stop bragging about their $30,000 a month bonuses loudly on BART (yes this is an actual thing)

tylercrompton 3y ago

It doesn't matter that you don't take on debt. The point is to protect yourself from unscrupulous individuals who want you to take on debt on their behalf.

dogman144 3y ago

Full stop, yes you should freeze. Issue isn’t if you have debt or not. Credit rating agencies start tracking very early, and what they’ll track for you is basically “no data/low credit score.” That doesn’t mean you’re not in the system, or more importantly - doesn’t mean qn attacker can’t take out debt in your name. A freeze is the only thing that stops this for you and your kids. I hate that it works this way but such is life.

whimsicalism 3y ago

> I've never taken on any debt in my life Why not? Do you ever anticipate getting a mortgage? If yes, then you probably should be.

TheFreim 3y ago
I don't plan on ever getting a mortgage. I am extremely debt averse, I'd rather live frugally than essentially being a slave to the bank/creditor for years.
- whimsicalism 3y ago
  This will also impede your ability to get rentals. I only take on debt I can immediately pay off (ie. credit card debt), but it still is important to demonstrate to creditors.
ChrisMarshallNY 3y ago
Sadly, if they are under 35, they may never have the chance. Home ownership seems to be going the way of the Dodo. But credit scores are used for apartment rentals, and even employment.
- PaulDavisThe1st 3y ago
  > if they are under 35, they may never have the chance. Home ownership seems to be going the way of the Dodo. This is false. Millenials are trailing previous generations a little, but > 50% of them now own homes: https://rentalhousingjournal.com/more-than-50-percent-of-millennials-now-own-homes/ https://rentalhousingjournal.com/more-than-50-percent-of-mil...
  - SketchySeaBeast 3y ago
    Hmm, given the average age of a millenial is ~33 the statistic and the claim (exaggerated as it is) don't necessarily need to be totally out of alignment.

gumby 3y ago

Like FB, LinkedIn etc the credit bureaux maintain a file on everyone they come across. So they likely have a file on you regardless. In addition, in the US these files are used for other purposes than taking out a loan, for example renting an apartment, for some jobs, etc. I recommend building up a credit history even if you don't need it now. You might later. There are plenty of articles on the web about how to start, basically getting a credit card (perhaps secured) and slowly building up your credit. I am lucky enough to be a cash buyer. I tried to rent a house for a year a few months ago but my credit rating was not good enough. I have a couple of credit cards which I pay off every month (so good, my credit utilization is low) but by the rating companys' POV there wasn't enough to go on: not enough accounts, and no accounts apart from the CCs: no mortgage, no car payments etc. The fact that I'm a homeowner doesn't appear in the report.

dylan604 3y ago

First, you should take this quiz by telling "us" your mother's maiden name, the name of the street you grew up on, your elementary school's name, the name of your first grade teacher, the name of your first pet, the make/model of your first car, and to help make sure we know it's you, please enter your SSN# which also helps keep all of this info from being confused with someone else. After all of that, please, continue to avoid taking on any debt. We will relieve you of that burden

lr4444lr 3y ago

Have you paid a utility bill? Signed up for a utility account? Had a credit check run for an apartment for made payments on a lease? You are probably in the system. Learn to play it before it plays you.