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file frozen by state legislation...

Date: Fri, 12/17/2010 - 05:52
Submitted by on Fri, 12/17/2010 - 05:52
Posts: 202330
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What I have seen people doing as far as I can see is using this law to freeze out certain bureaus in order to "steer" their creditors to the bureaus with higher scores. So in essence, in states that allow you to LOCK down your credit with the bureaus, people have become quite resourceful and used this law to to their advantage and make it appear that they have higher scores.

So that for instance, if shopping for a new car or trying to get a credit card, they will first put this freeze on the lowest score, so if forces the creditor to pull from a different (higher score or less derogatory information reported to) bureau.

This seems like pure genius. Anyone done this or care to comment on this practice?

Google this: Consumers Union's Guide to Security Freeze Protection and you will get more specific details.


I was considering doing this, but decided not to, as I wanted to turn the tables around and sue, which I am doing. For the most part, debt collectors dont touch my credit, but one malicious one did, and now I am suing.

After I am done suing them, and my credit is clear, I am going to lock down my credit report to prevent further fraud.

But here is the thing. If your credit report is locked, then you will not be able to use it, high score or not. If you are shopping around for a car, they have to be able to pull your report. If its locked, then, you get an automatic decline.

So I guess the "pure" genious in this would be what are you trying to accomplish? a locked credit report is worse than a bad credit report.


Submitted by on Fri, 12/17/2010 - 08:43

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No ...you can lock down ONE of the three bureaus...so re-read what I wrote. You dont lock down the whole thing...just one bureau..forcing the creditor to pick another. If you keep tabs on your report, then you know if one of the bureaus has some crappy score or shows delinquencies the other two dont.

I am not talking about locking all bureaus..just one.


Submitted by on Sun, 12/19/2010 - 18:05

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Quote:

a locked credit report is worse than a bad credit report.


I don't think it's wise to keep your credit report locked for a long time. A locked credit report doesn't help us in any ways. We should always keep it in mind that the CR is the only way to prove our creditworthiness. The more our credit score gets increased, more we become credit worthy in the eyes of our creditors.


Submitted by on Wed, 12/29/2010 - 02:31

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