What is a credit freeze and what makes it different from credit fraud alert? The credit freeze was first introduced in California in 2003. Today, however, a credit freeze can be done in all 38 States and can be requested from any of the three major credit bureaus- Equifax, Experian and TransUnion.Once a consumer puts a freeze on his credit , no lender, insurer, employer or anyone else can make an inquiry or request on his credit report. The fact is, not even you, can look into your credit report unless you order the credit bureau to “unfreeze” or “thaw” your credit.Unlike a credit fraud alert which only lasts for up to 90 days, a credit freeze will last for as long as the owner of the report doesn’t request that his report be thawed. Therefore, if you want to apply for a new credit card or you plan to get a loan, you need to notify the credit bureau in advance to get the freeze be lifted.The unfreezing of the credit report can take from within minutes or up to a week, depending on the State or the credit bureau issuing the report. You have the option to choose […]

Full Article At: KnowHow-Now.com Articles

Bookmark to: