Credit account freeze question

[noelm]

Hello folks,

About 2 months ago, there were few huge transactions on our credit card within a matter of 30 minutes. Glad we had set up transaction alert, we caught them within an hour or so. We worked out with the credit card company and sorted out everything within a month.

That day we were so panicked, that we registered a complaint with the police and during conversation, the officer suggested credit freeze. I knew about credit freeze but never occurred it to me.

So we froze the accounts that very same day. Next day, family emergency showed up and we had to rush across half of the globe. Now the thing is, I remember Experian gave us a code that we will need to thaw the account. I have a screenshot of it. TransUnion sent us an email about the transaction but no code was offered in the email. I don't remember if the code was given online (when we performed that transaction). I don't remember anything about Equifax.

My questions are
- Is it advisable to call Equifax to see if we had performed a credit freeze online?
- Is it advisable to call TransUnion to ask about thawing process, and reissue the codes, since we don't have them?
- If its not advisable to call, how do I proceed with this?

Many thanks in advance.

 

[canuck5]

I'd go ahead and call and jump through the hoops to get you back set up online. You're probably not the first one to have to do this. Once you've done it and can get back online, you can "thaw" your credit for a short period of time, when needed and then it will automatically freeze again.

Just not a big deal!

 

[canuck5]

They do charge you for the freezing/thawing ..... $6 or something like that

 

[aja8888]

They do charge you for the freezing/thawing ..... $6 or something like that

Depends on your state and the credit agency. I unfroze my Experian account temporarily and was charged $12 if I recall.

 

[SteveNU]

I have unfrozen my accounts twice recently after applying for new credit cards. Both times the credit card company told me which agency to unfreeze and I was able to get a one time use PIN for free. Then you just call and give the credit card company the PIN and they were able to access my report and approve the applications.

Sent from my Nexus 7 using Early Retirement Forum mobile app

 

[Aerides]

While I can see the benefit of freezing bank/debit and actual asset accounts, credit cards - presuming they are with a reputable issuer - I would not bother to lock.

That it even took you a month to get resolved is surprisingly long. A good issuer will credit you back the Fraud almost instantly, then go about getting whole themselves (with no bother to you) with whichever merchant processed the charges. Not to mention getting you a new number, new cards, overnighted to you as soon as you call.

 

[donheff]

Why would you unfreeze your accounts for a trip? Your credit cards still work, the freeze simply blocks new lines of credit (which is a big deal). You can use your cards to pay for the trip. The problem that led to your freeze can still occur with the freeze on but since the credit card companies assume the risk that is not a big problem. The problem the freeze deals with is identity thieves opening new credit lines (cards, cars, houses, whatever) in your name.

 

[SJ1_]

Why would you unfreeze your accounts for a trip? Your credit cards still work, the freeze simply blocks new lines of credit (which is a big deal). You can use your cards to pay for the trip. The problem that led to your freeze can still occur with the freeze on but since the credit card companies assume the risk that is not a big problem. The problem the freeze deals with is identity thieves opening new credit lines (cards, cars, houses, whatever) in your name.

that is my understanding.
WE pay $3 for each agency to un freeze and we tell them for how long.
if we lose the pin (all 3 have them) we have to write them to get a new one.

 

[samclem]

Why would you unfreeze your accounts for a trip?

+1. When traveling you'll probably be exposing your identity info/account info to more than the usual risk of theft, and it's possible you'll be busy/not tightly in comms with those who might be offering transaction alerts, so less able to spot/do anything about it. I'd leave the freeze in place, it's good, solid, cheap protection against the worst impacts of identity theft.

 

[UpAnchor]

I have unfrozen my accounts twice recently after applying for new credit cards. Both times the credit card company told me which agency to unfreeze and I was able to get a one time use PIN for free. Then you just call and give the credit card company the PIN and they were able to access my report and approve the applications.

Sent from my Nexus 7 using Early Retirement Forum mobile app

I appreciate this timely info as DW and I had recently gone through the process of freezing our credit. It was long overdue and we could anticipate no more need for credit for the foreseeable future. Fast forward a year and I find myself toying with refinancing our mortgage from an already low interest 30 yr to an even lower interest 15. Dang, gotta mess with the whole credit thaw/refreeze thing for both DW and I. But this makes it look like no big deal.

 

[audreyh1]

I was planning to jump through some hoops to get a free credit freeze, and then I realized that any thaw and refreeze wouldn't be free, so the initial cost is minor.

I expect we'd probably do a temporary unfreeze at least once a year.

 

[Chuckanut]

IIRC, once you hit 65, thawing and freezing is free in all states in the USA.

Edit: Wrong info above. Some states do not charge those who are 65 and over. But, others do.

 

[audreyh1]

Hello folks,

About 2 months ago, there were few huge transactions on our credit card within a matter of 30 minutes. Glad we had set up transaction alert, we caught them within an hour or so. We worked out with the credit card company and sorted out everything within a month.

That day we were so panicked, that we registered a complaint with the police and during conversation, the officer suggested credit freeze. I knew about credit freeze but never occurred it to me.

So we froze the accounts that very same day. Next day, family emergency showed up and we had to rush across half of the globe. Now the thing is, I remember Experian gave us a code that we will need to thaw the account. I have a screenshot of it. TransUnion sent us an email about the transaction but no code was offered in the email. I don't remember if the code was given online (when we performed that transaction). I don't remember anything about Equifax.

My questions are
- Is it advisable to call Equifax to see if we had performed a credit freeze online?
- Is it advisable to call TransUnion to ask about thawing process, and reissue the codes, since we don't have them?
- If its not advisable to call, how do I proceed with this?

Many thanks in advance.

I never worried about doing a credit freeze based on credit card fraud. The perps only had a credit card number, they didn't have stuff like social security number and date of birth. Credit cards are super easy to replace with a new number.

A credit freeze is to prevent someone from opening NEW credit accounts/loans/utilities in your name, or gaining access to your tax information from the IRS.

 

[audreyh1]

IIRC, once you hit 65, thawing and freezing is free in all states in the USA.

Even if you already have a freeze in place?

I didn't run across this senior benefit when I looked at costs.

 

[audreyh1]

Why would you unfreeze your accounts for a trip? Your credit cards still work, the freeze simply blocks new lines of credit (which is a big deal). You can use your cards to pay for the trip. The problem that led to your freeze can still occur with the freeze on but since the credit card companies assume the risk that is not a big problem. The problem the freeze deals with is identity thieves opening new credit lines (cards, cars, houses, whatever) in your name.

I missed where someone was doing a thaw for a trip?

 

[Chuckanut]

Even if you already have a freeze in place?

I didn't run across this senior benefit when I looked at costs.

I was mistaken. But, some states do not have a charge to freeze the credit records after 65.

Here's one example for Florida:

Florida (security freeze rights established by state law)
Eligibility: All consumers.
Fees: No fees for identity theft victims and seniors 65 years and older. All others pay $10 to place the freeze, lift it temporarily, or remove it altogether.
Effective date of law: July 1, 2006
Permanent freeze remains until removal requested by consumer.
Copy of Florida’s security freeze law
Instructions for using Florida’s security freeze law

Consumers Union’s guide to security freeze protection | Consumers Union

 

[eytonxav]

If anyone is trying to setup a My Social Security account, you cannot do so online if you have a credit freeze in place with Experian, who is the credit agency the gummit uses to verify your identity.

See this article:http://bucks.blogs.nytimes.com/2013...ating-an-online-social-security-account/?_r=0

 

[audreyh1]

I don't think Texas gives you any breaks at all. You can get the initial freeze for free IF you have certain reports that show you've been a victim of fraud, and the credit bureaus are pretty strick about these even when they are the reason for the breach!

If I'd gotten a letter from the IRS that my account had been compromised - no probem. It's not so clear that Experian being breached and DHs T-mobile account info including DOB and SS# being accessed (one of millions) is sufficient without a subsequent specific fraud occurring in his name.

Experian provided free credit monitoring. But not a free credit freeze, LOL!

 

[audreyh1]

If anyone is trying to setup a My Social Security account, you cannot do so online if you have a credit freeze in place with Experian, who is the credit agency the gummit uses to verify your identity.

See this article:http://bucks.blogs.nytimes.com/2013...ating-an-online-social-security-account/?_r=0

Yes, that's right. And I think having a credit freeze in place is important to protect yourself from both social security and IRS tax fraud.

Set up your social security account first, though.

We can no longer access our IRS accounts to see transcripts - they took that down. But people calling in can still get personal info, and having a freeze means they can't do identity verification unless you temporarily thaw. That's a good thing, because fraudsters call in to try to get your info.

 

[UpAnchor]

Went through the process last night to place temporary lifts (thaws) on all bureaus for both DW and I - so 6 total. Took about an hour I'm guessing, maybe a bit less. But I had snapshots of the original PINs saved on my computer so that probably sped things up. (Generally there was a place to check if you did or did not remember your PIN.) I guess I wouldn't characterize the process as 'fun' and it would have been a little easier if the various bureaus were more consistent in their freeze/thaw processes, but I feel an hour's work and $30 outlay (6 x $5 in MN) is a reasonable price to pay for having reduced risk of fraud the rest of the time. This was my first experience in lifting a freeze so it should go even quicker next time - should there be one.

 

[UpAnchor]

I have unfrozen my accounts twice recently after applying for new credit cards. Both times the credit card company told me which agency to unfreeze and I was able to get a one time use PIN for free. Then you just call and give the credit card company the PIN and they were able to access my report and approve the applications.

I appreciate this timely info as DW and I had recently gone through the process of freezing our credit. It was long overdue and we could anticipate no more need for credit for the foreseeable future. Fast forward a year and I find myself toying with refinancing our mortgage from an already low interest 30 yr to an even lower interest 15. Dang, gotta mess with the whole credit thaw/refreeze thing for both DW and I. But this makes it look like no big deal.

Went through the process last night to place temporary lifts (thaws) on all bureaus for both DW and I - so 6 total. Took about an hour I'm guessing, maybe a bit less. But I had snapshots of the original PINs saved on my computer so that probably sped things up. (Generally there was a place to check if you did or did not remember your PIN.) I guess I wouldn't characterize the process as 'fun' and it would have been a little easier if the various bureaus were more consistent in their freeze/thaw processes, but I feel an hour's work and $30 outlay (6 x $5 in MN) is a reasonable price to pay for having reduced risk of fraud the rest of the time. This was my first experience in lifting a freeze so it should go even quicker next time - should there be one.

Appears I spoke too soon. Lender emailed me today saying they tried to pull credit reports this morning without success and that our records at all three bureaus appear to still be frozen. Spent too much time this morning on the phone with various reps with the end result being their positions that our freezes are currently "lifted" and have been so all day. (Actually, two of them initially claimed that they showed no sign that we had ordered a thaw. Once I asked them to explain their charges to my credit card and online confirmation messages that the thaws were successful they decided to dig deeper and, "Oh yes, it seems they 'have' been lifted.")

So now for the lender to try pulling again. Somehow I doubt I've heard the end of this...


Sent from my iPad using Early Retirement Forum