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How Do Credit Freezes Work?

Here is a great piece on Credit Freezes from Origination Pro (a periodical I receive weekly) that I thought was very helpful!!

'One of the ways you can work to protect your credit is a credit freeze.

A credit freeze locks your credit down like a vault. No new credit can be established while a freeze is in place. In order to initiate a credit freeze, you will need to contact each of the 3 individual credit reporting agencies. You will be required to prove your identity.

You'll need to supply your name, address, date of birth, Social Security number, and other personal information. Fees vary depending on the state you live in, but commonly range from $5 to $10.

After you place the freeze, each bureau will send you an individual PIN number. Keep this safe as you will need it in order to unfreeze your credit. You can lift the freeze temporarily or permanently. The bureaus have three days to lift the freeze. Again, depending on where you live, the cost to lift will vary.

It’s important to know that a credit freeze will not prevent your existing accounts from being accessed. You should check your statements regularly and continue to monitor your accounts for suspicious activity. You can still apply for credit but you’ll have to temporarily lift the freeze in order to do so. Also, a freeze will not affect your credit scores and you can still access your free annual credit report.'

I'll be available all weekend if you have a client who needs to be prequalified before Monday!

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry.