Some years ago there was a big push for everyone to freeze their credit reports, to prevent others from opening credit in your name. It seemed like a good idea at the time, so I did it.
Unfortunately, once I froze it, I forgot it. I mean, I really forgot all about it. And then came the letter in the mail saying I was turned down for credit because I didn’t have any credit history. I hadn’t unfrozen my credit report, so the company was not able to give me the credit card, for which I had applied. I was hoping to earn a large number of points with that card, so we could use them for airplane tickets to visit our daughter and family in Virginia. It didn’t matter that I had over 40 years of excellent credit history and a high credit score because my credit was frozen and unavailable.
Finding out the problem
That was a big oops. The credit card company didn’t give me any details but sent me a notification by mail. But thanks to an email notification from Credit Karma I was advised that someone had tried to get my credit history and was turned down. In order to get any information from the credit card company, I had to write them a physical letter and wait for a response. Instead, I used the information from Credit Karma and was able to check with the credit bureaus. That was the easiest, fastest way to resolve what was going on.
I was a bit miffed that the company offering the credit card didn’t contact me by phone or at least explain in the letter why I was turned down. So I kept the letter for 60 days, the length of time they gave me to write them a letter, by way of the United States Postal Service.
Check your credit report regularly
Everyone should be checking their credit report each year. And with the opportunity to get it free annually from three different credit bureaus, you can check it every four months for free. Go to Annual Credit Report.com and check your credit report at the 3 bureaus – Experian, Trans Union, and Equifax. This is the Federally approved site, so go here to be safe. As I suggested, you can go to a different credit bureau every four months to monitor your credit report. NOTE: Due to Covid-19 you can order a report weekly, instead of annually, through 4/31/2021.
There is information on the site to help you understand what you are looking at. Be sure to make sure everything is correct. If something is wrong and it will affect your credit rating, be sure to dispute it. It is your responsibility to make sure your credit report is correct. Yes, this is true, even though you didn’t provide the information to them.
Freezing your credit report is also free, but for it to be effective, you must freeze it at all three credit bureaus.
A credit report is not the same as a credit score. Most credit bureaus will charge you for the score. Some companies, like credit card companies and banks, may offer you a free credit score, as a perk for your business.
How do you freeze your credit?
To freeze your credit, be sure to do it at all three credit bureaus. Recently we were contacted by Target about my husband’s application for credit. Someone had all his information, including his social security number. The crazy thing about it was, they were applying using his address and phone number. They must have planned to change the address once approved, but how would they have known, if the confirmation was coming to our house? After talking to my husband, Target marked the credit application as a fraud.
Because of that, I went ahead and checked all three credit reports. There was something suspicious, so I froze his reports. We received a letter from the other creditor and they were checking with my husband to verify something. If I had frozen his credit sooner none of this would have happened, but the companies were cautious and questioned both applications even though we don’t know why they were suspicious.
It’s easy to freeze your credit. Follow these links and then follow the simple instructions. Once it is frozen you should be able to see that it is frozen, somewhere on the actual credit report.
Experian: https://www.experian.com/freeze/center.html#content-01
Transunion: https://www.transunion.com/credit-freeze
Equifax: https://www.equifax.com/personal/credit-report-services/credit-freeze/
How do you unfreeze your credit?
Each of the links above can be used to unfreeze your credit when you need to do so. Each time you freeze or unfreeze your credit, you will be asked security questions that only you should be able to answer. Questions like “In 2019 which of the following companies did you file for credit at?” Or “Which street have you lived on previously?” The answer will include 4 or 5 items of which only one is correct. That correct answer could be “none of the above.”
My response to being rejected
I never did respond to my notification about that credit card rejection. Most likely it was due to my laziness and there was really no point to contact them since I already knew what I wanted to know. I decided that their card would not make or break me. So I let it slide.
I’m hoping to remember to always unfreeze, what has been frozen if I desire another credit card. I’m old enough to live with the credit cards I have, in fact, I’m trying to cut down on the cards I carry. (See: Should you be Eliminating Credit Cards, in this linked prior post.)
Did you ever freeze your credit report? Has this post made you think that maybe you should? Leave me a comment below.