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Old 09-08-2017, 04:30 PM   #41
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Originally Posted by aja8888 View Post
Apparently, Nightcap is not reading all the posts. Or maybe he is seeking multiple opinions?
Sorry, but the responses are coming thick and fast, so I haven't caught up.

The credit industry wants me to use its products whenever possible, because they get a small cut of every purchase. To protect themselves, they engaged the services of three credit reporting agencies, to whom they pay a tiny slice of the profits they make from me using their services. The credit reporting agencies wanted to become big wealthy agencies, so they figured that if they didn't do their jobs very well, they could persuade consumers to part with $19.99 per month for them to do their job properly. Profit!

Nice credit rating youse gots here. Be shame if sumpthin' was to *happen* to it.
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Old 09-08-2017, 06:17 PM   #42
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I froze all three big credit agencies... and completely forgot about it since I wasn't planning on needing credit (HELOC was already in place, and we don't do credit card churning.)

But then I went to transfer our family phones to T-Mobile for the awesome $60 for 2 lines for those 55 up (learned about here on er.org. Both DH and I are over 55 - we each took a kid so we have 2 plans.) Turns out they need to run your credit... and their "customer care" center that the sales reps deal with are completely incompetent. (Understood life-lock pins (4 digits) but not the pins associated with the agencies. and couldn't tell me which credit agency.) So that turned into more of a hassle than I wanted....

But while I was unlocking my credit - I was also in the car for a new car. I was ready to pay cash - but they were offering 0% financing.... Free use of someone elses money...

My credit's now locked back up... but it was a hassle. Guess I'm good for a while... can't think of any loans/cards/etc I need to unlock my credit for.
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Old 09-08-2017, 06:34 PM   #43
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What good is freezing your credit? The code or pin number that unfreezes your credit is also stored on the credit bureau's database and that may get hacked too.
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Old 09-08-2017, 07:14 PM   #44
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Rodi, do you remember which credit agency you had to unlock for T-Mobile? I'm thinking of changing to them and would like to be prepared.
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Old 09-09-2017, 04:37 AM   #45
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I've had to temporarily unfreeze my credit twice in recent months (new car purchase and something else I know can't remember). In each case I found out which bureau was being used, and I used the online sites to set 24 hour unfreezes, gave the lender a PIN (I think) and that was that. The car dealer and the other place both seemed very practiced in dealing with freezes.
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Old 09-09-2017, 04:55 AM   #46
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I've had to temporarily unfreeze my credit twice in recent months (new car purchase and something else I know can't remember). In each case I found out which bureau was being used, and I used the online sites to set 24 hour unfreezes, gave the lender a PIN (I think) and that was that. The car dealer and the other place both seemed very practiced in dealing with freezes.
Oh, I remember, the other was Ally.
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Old 09-09-2017, 05:00 AM   #47
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We had been discussing a freeze on our credit reports for a couple of years. But, never got around to it. Yesterday's news seemed to light a fire under us and we both froze our reports at the 3 majors.

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Old 09-09-2017, 06:57 AM   #48
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I just froze 2 out of 3 and am about to freeze the last one. PITA that it costs $5 for each and temporary un-freezes will also cost $5, but it's worth it. I'm also happy that all these freezes are going to provide fewer prospects the credit bureaus can sell to the credit card issuers. Maybe I'll quit getting junk mail for cards with a $450 annual fee.
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Old 09-09-2017, 07:00 AM   #49
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PITA that it costs $5 for each and temporary un-freezes will also cost $5, but it's worth it.
You got off cheap - I had to pay $10 a pop and Experian tacked on sales tax!
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Old 09-09-2017, 07:16 AM   #50
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You got off cheap - I had to pay $10 a pop and Experian tacked on sales tax!
+1.

I also paid $10 for each and an additional $5 when I had to temporary lift it for a car lease. It was well worth it.....
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Old 09-09-2017, 07:23 AM   #51
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Froze all 3 today for DW and me. It seems like I was impacted according to Equifax.
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Old 09-09-2017, 08:10 AM   #52
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Just froze credit at the big three yesterday. Quite easy to do!
I see no reason why I wouldn't freeze. We have no need for further credit, as we pay everything in cash, and just use cards for perks.

Is there any other reason why, as a retiree, freezing credit would prove to be a hassle?
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Old 09-09-2017, 08:16 AM   #53
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We have not checked but I would think with a 50% exposure odds are our information was hacked as well. Our exposure to identity theft would be limited with a credit freeze in place. We monitor our CC accounts every week and other than monitoring my social security account I don't think there is much we can do at this point.
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Old 09-09-2017, 08:21 AM   #54
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Just froze credit at the big three yesterday. Quite easy to do!
I see no reason why I wouldn't freeze. We have no need for further credit, as we pay everything in cash, and just use cards for perks.

Is there any other reason why, as a retiree, freezing credit would prove to be a hassle?
My credit freeze has been in place for more than 7 years and DW's for 2. I had to unfreeze it on a couple of occasions but the process was simple. I did not experience any problems.
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Old 09-09-2017, 09:02 AM   #55
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My credit freeze has been in place for more than 7 years and DW's for 2. I had to unfreeze it on a couple of occasions but the process was simple. I did not experience any problems.
That's good to know. I had never considered it before, but now that it's done I can see myself keeping it frozen indefinitely. It does appear to be a simple process to temporarily thaw if ever necessary
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Old 09-09-2017, 09:12 AM   #56
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I unfroze my credit with the agencies in 2016 to buy a house, but scheduled it to refreeze last July 1, which it did. It was easy to do except for transunion, which seems to be archaic in its practices.
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Old 09-09-2017, 09:14 AM   #57
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Here's something that might be of interest to CapitalOne cardholders. They have a deal with TransUnion that monitors my credit, and it's free. It's called CreditWise. Among other things, it tracks credit inquiries and new lines of credit opened in the last two years.

Did I mention it was free?

(Also, they notify me by email every time my credit card is used. Usually I can't even get out of the store before I've received notification.)
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Old 09-09-2017, 09:26 AM   #58
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Just froze credit at the big three yesterday. Quite easy to do!
I see no reason why I wouldn't freeze. We have no need for further credit, as we pay everything in cash, and just use cards for perks.

Is there any other reason why, as a retiree, freezing credit would prove to be a hassle?
Changing cell phone service? I'm about to.

Cost to freeze: up to $30, depending on what state you live in. Ditto to unfreeze.

And then there's the principle of the thing. You're paying them to exercise the sort of discretion that they ought to be doing anyway. It's a shakedown. As I wrote earlier, "Nice credit rating youse gots there. Be a shame if sumpthin' was to *happen* to it."
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Old 09-09-2017, 09:27 AM   #59
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I mainly run into credit checks when opening CDs. Not for me if I already have an account with the institution, but for some reason when I make the CD joint, some institutions have DH go through the "ID verification" which uses one of the credit reporting agencies. Even though he is listed jointly with me on all our accounts. Annoying!
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Old 09-09-2017, 09:35 AM   #60
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What good is freezing your credit? The code or pin number that unfreezes your credit is also stored on the credit bureau's database and that may get hacked too.
I agree with this and Nightcap. I can't see paying protection money for protection that has as many holes as a porcupine's underwear.
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