Frozen Credit

sagarthakar · Joined: 15 May 2007 Posts: 68 25.97 Dollars($)

Hi,

I need some detail information on what is Frozen Credit !!!

How does it affect a borrower who is willin to purchase a property.

Pls help

Regards

Sagar

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Sagar,

Welcome to the Forum.

If you have a Frozen Credit, it means that your credit report cannot be accessed by any lender. This frozen credit report prevents identity theft. It means that even if someone has your name and SSN (Social Security Number), he will not be able to get any credit in your name.
Now if you want to purchase a property or borrow a loan with your frozen credit, you can lift the freeze from your credit report for a certain period of time. In that case, you will have to send an application letter to the Credit Bureaus asking to lift the freeze. The Credit Bureaus will send you a PIN number and will also guide in lifting the freeze.

Thus, a frozen credit does not affect a borrower.

blue · Posted: Sat Aug 18, 2007 8:05 pm Post subject:

Yes there should not be any problem in applying for credit. As Larry mentioned PIN based system can be used to allow your credit report to be released to a specific lender.

After you make the request the bureaus have to release the report within 3 business days.

Thanks
Blue

sagarthakar · Joined: 15 May 2007 Posts: 68 25.97 Dollars($)

Thank you so much for the information.

Regards

Sagar

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Sagar,

It is my pleasure to help you. If you have any further queries, please feel free to ask.

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