Locking Credit Score

brij2006 · December 2015

So H and I are trying to figure out all of the things we need to do in the new year to make sure we have all of our ducks in a row, financially.

We do not have any debt, and do not intend to take any debt out ever again.

What is recommended as far as locking our credit, or what do we need to do to try and protect ourselves as much as possible from identity theft? We will do the same thing with our daughters' credit as well. Now that we don't have anything, I don't closely monitor our credit reports. So it could be a while before I would get on to check anything to make sure there's no activity. I would rather do something to lock it so if it's 2 years before I check our credit report, it's no big deal.

Any ideas or something I'm not thinking of?

We will likely sign up for Zander's Identity Theft protection, but aren't sure what to do beyond that.

simplyelise · December 2015

Don't you have to contact each credit reporting agency and lock each one? And I'm pretty sure it is then locked until you unlock it.

Here's the page from the FTC that talks about it: http://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs

als1982 · December 2015

Credit Karma - they'll email you alerts if there's any activity. Also great because it's free. I also log on every 2-3 months just to check my score, but obviously you won't need it for that.

short+sassy · December 2015

@hoffse has some posts where she has talked about how to lock/unlock credit reports. I believe she keeps hers locked, until she needs to have her credit run for something, and then she'll briefly open it and then lock it back up again after its been run.

From my understanding, locking one's credit report is just the best and safest way to deter identity theft. Because, if your credit report is locked, no one can pull it. And if no one can pull it, no con artist will be able to open anything in your name.

lbonga1 · December 2015

A cab driver was discussing this with me once because he had had someone try to steal his identity. I think he said he paid something nominal (like $15-25/month?) But he said if anyone tried to run his credit, the credit agency would call him to ask for his access code. There are companies that will alert you of unauthorized activity for free, but you'd still have to go through the hassle of correcting it instead of preventing it in the first place.

brij2006 · December 2015

lbonga1 said:

A cab driver was discussing this with me once because he had had someone try to steal his identity. I think he said he paid something nominal (like $15-25/month?) But he said if anyone tried to run his credit, the credit agency would call him to ask for his access code. There are companies that will alert you of unauthorized activity for free, but you'd still have to go through the hassle of correcting it instead of preventing it in the first place.

I know there's Zander Identity Theft protection that Dave Ramsey endorses. It's $148/year for our whole family.

hoffse · December 2015

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

hoffse · December 2015

Here are the websites for each credit bureau where you can place a security freeze on your credit:

Transunion:

http://www.transunion.com/credit-freeze/place-credit-freeze

Equifax:

https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

Experian:

https://www.experian.com/freeze/center.html

cbee817 · December 2015

hoffse said:

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

Does the freeze work for minors too? Thinking I'll just do this for DD#1 and #2- keep the pin in our fire safe box with their birth certificates/SSN cards.

hoffse · December 2015

cbee817 said:

hoffse said:

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

Does the freeze work for minors too? Thinking I'll just do this for DD#1 and #2- keep the pin in our fire safe box with their birth certificates/SSN cards.

Actually, I'm not sure. It would be worth trying for sure - but they may not let you do it for minors. If you give it a shot, let us know if it works.

Realistically minors are at a much lower risk for identify theft than adults because they aren't old enough to have established credit. My parents initiated the freeze for me when I was applying to colleges because I had to put my name, address, DOB, SSN, etc. on every application I mailed out, and I was 18 at the time. Anybody in the admissions office would have had every bit of info they needed to steal my identity and open a CC in my name.

KatieCutie05 · December 2015

Wow it looks like its completely free in my state - i may do that afterall then.

brij2006 · December 2015

@hoffse Thank you! That's very helpful information. So it's just the 1 time fee to get them frozen, correct? That isn't something you have to pay annually?

And you would recommend to just freeze it and not worry about paying for the identity theft protection?

als1982 · December 2015

hoffse said:
What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

This is great information! Thank you for sharing!!

hoffse · December 2015

brij2006 said:

@hoffse Thank you! That's very helpful information. So it's just the 1 time fee to get them frozen, correct? That isn't something you have to pay annually?
And you would recommend to just freeze it and not worry about paying for the identity theft protection?

Yep, one time and done. There's not an annual fee or anything, and it's very cheap for most states.

I personally wouldn't bother paying for identify theft monitoring while your credit is frozen - there's nothing anybody can do to open credit under your name while it's frozen. Even YOU can't open credit under your name while it's frozen.

I would suggest doing one last credit report pull yourself to make sure everything looks good, and then initiate the freeze. Just don't lose the PIN!

brij2006 · December 2015

hoffse said:

brij2006 said:

@hoffse Thank you! That's very helpful information. So it's just the 1 time fee to get them frozen, correct? That isn't something you have to pay annually?
And you would recommend to just freeze it and not worry about paying for the identity theft protection?

Yep, one time and done. There's not an annual fee or anything, and it's very cheap for most states.

I personally wouldn't bother paying for identify theft monitoring while your credit is frozen - there's nothing anybody can do to open credit under your name while it's frozen. Even YOU can't open credit under your name while it's frozen.

I would suggest doing one last credit report pull yourself to make sure everything looks good, and then initiate the freeze. Just don't lose the PIN!

Yeah, we still need to get on some credit cards about getting our accounts closed. Victoria Secret, I have been battling with for 4 months about getting my card closed. They just send me to an automated thing and have me put in the last 4 of my social security number, then tell me it's closed. Yet it's still showing up on my credit report, but it never gives me an option to speak with someone. So frustrating!

H's open accounts are a whole other issue. He has 5 cards to still close out, that he hasn't used in 6+ years. Yet he hasn't made the phone calls to close them.

short+sassy · December 2015

hoffse said:

cbee817 said:

hoffse said:

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

Does the freeze work for minors too? Thinking I'll just do this for DD#1 and #2- keep the pin in our fire safe box with their birth certificates/SSN cards.

Actually, I'm not sure. It would be worth trying for sure - but they may not let you do it for minors. If you give it a shot, let us know if it works.

Realistically minors are at a much lower risk for identify theft than adults because they aren't old enough to have established credit. My parents initiated the freeze for me when I was applying to colleges because I had to put my name, address, DOB, SSN, etc. on every application I mailed out, and I was 18 at the time. Anybody in the admissions office would have had every bit of info they needed to steal my identity and open a CC in my name.

My b/f when I was in jr. college went to Long Beach State and, back then, their school id number WAS their social. And at the grand old age of 19, Sears contacted him to get payment for his very overdue Sears card...that he knew nothing about and had never opened.

Heck, in Louisiana, up until about 10 years ago, people's driver's license numbers were their SSN. Though it could be a random number, if requested. Which I certainly did.

simplyelise · December 2015

short+sassy said:

hoffse said:

cbee817 said:

hoffse said:

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

Does the freeze work for minors too? Thinking I'll just do this for DD#1 and #2- keep the pin in our fire safe box with their birth certificates/SSN cards.

Actually, I'm not sure. It would be worth trying for sure - but they may not let you do it for minors. If you give it a shot, let us know if it works.

Realistically minors are at a much lower risk for identify theft than adults because they aren't old enough to have established credit. My parents initiated the freeze for me when I was applying to colleges because I had to put my name, address, DOB, SSN, etc. on every application I mailed out, and I was 18 at the time. Anybody in the admissions office would have had every bit of info they needed to steal my identity and open a CC in my name.

My b/f when I was in jr. college went to Long Beach State and, back then, their school id number WAS their social. And at the grand old age of 19, Sears contacted him to get payment for his very overdue Sears card...that he knew nothing about and had never opened.
Heck, in Louisiana, up until about 10 years ago, people's driver's license numbers were their SSN. Though it could be a random number, if requested. Which I certainly did.

Their biggest threat is their parents and other relatives!

hoffse · December 2015

My b/f when I was in jr. college went to Long Beach State and, back then, their school id number WAS their social. And at the grand old age of 19, Sears contacted him to get payment for his very overdue Sears card...that he knew nothing about and had never opened.
Heck, in Louisiana, up until about 10 years ago, people's driver's license numbers were their SSN. Though it could be a random number, if requested. Which I certainly did.

Their biggest threat is their parents and other relatives!

This is very true. I have a friend whose BF's parents stole his identity because they "needed" more credit, and the CC companies cut them off. So they used the SSN of their child who was away at college at the time. They opened credit in his name, wracked up debt, and then left him to handle it. Talk about appalling. Needless to say, their relationship is tense.

brij2006 · December 2015

hoffse said:

My b/f when I was in jr. college went to Long Beach State and, back then, their school id number WAS their social. And at the grand old age of 19, Sears contacted him to get payment for his very overdue Sears card...that he knew nothing about and had never opened.
Heck, in Louisiana, up until about 10 years ago, people's driver's license numbers were their SSN. Though it could be a random number, if requested. Which I certainly did.

Their biggest threat is their parents and other relatives!

This is very true. I have a friend whose BF's parents stole his identity because they "needed" more credit, and the CC companies cut them off. So they used the SSN of their child who was away at college at the time. They opened credit in his name, wracked up debt, and then left him to handle it. Talk about appalling. Needless to say, their relationship is tense.

That person can actually file a police report against their parents for identity theft. It's scary, but people do it. FIL took out a CC in H's name when he was 18. He had no idea until he went to buy our house 6 years later. Thank God there was only $250 left on it, and FIL quickly cleared it up. But their relationship has been tense about money, ever since.

Oh, and that was also the same year they filed bankruptcy. So all of his other debt was forgiven, but not this CC because it wasn't even in FIL's name.

dragonstarjk · December 2015

simplyelise said:

short+sassy said:

hoffse said:

cbee817 said:

hoffse said:

What you need to do is freeze your credit at each of the three credit bureaus - Experian, Equifax, and Transunion. Do a google search for each - you can usually do it online.

Once your credit is frozen, the credit bureaus will send you a piece of paper with a very long PIN on it. DO NOT LOSE THIS because it is the only way to unfreeze your credit in the future. FYI if you do ever unfreeze your credit, you can do so temporarily, and then the freeze will automatically reinstate itself on the date of your choosing. I never have my credit unfrozen for more than a week at a time.

Even if you don't plan to have credit extended to you in the future, I've had to unfreeze my credit just to open bank accounts before because some of them will do soft pulls. When your credit is frozen, ALL pulls - both hard and soft - are blocked, so make sure you have the PIN to unfreeze your credit in the future if need be.

The cost varies by state, but I don't think it's ever higher than $10 per credit bureau.

It's a PITA to unfreeze (It takes me about 15-20 minutes to do all three), but the security it provides is 1000% worth it. If you think of how many strangers have access to your SSN - doctor's offices, attorneys and their staff, people who work at CC companies, every college you ever applied to - you can see why it's good practice to keep your credit frozen.

I don't even bother to pay for monitoring because with credit frozen there is literally no way to pull credit. Thieves can try all day long, and they will be denied credit under my name/SSN.

Does the freeze work for minors too? Thinking I'll just do this for DD#1 and #2- keep the pin in our fire safe box with their birth certificates/SSN cards.

Actually, I'm not sure. It would be worth trying for sure - but they may not let you do it for minors. If you give it a shot, let us know if it works.

Realistically minors are at a much lower risk for identify theft than adults because they aren't old enough to have established credit. My parents initiated the freeze for me when I was applying to colleges because I had to put my name, address, DOB, SSN, etc. on every application I mailed out, and I was 18 at the time. Anybody in the admissions office would have had every bit of info they needed to steal my identity and open a CC in my name.

My b/f when I was in jr. college went to Long Beach State and, back then, their school id number WAS their social. And at the grand old age of 19, Sears contacted him to get payment for his very overdue Sears card...that he knew nothing about and had never opened.
Heck, in Louisiana, up until about 10 years ago, people's driver's license numbers were their SSN. Though it could be a random number, if requested. Which I certainly did.

Their biggest threat is their parents and other relatives!

Sad but true in almost all circumstances! I regularly work with elderly customers who get scammed by their relatives--most who are 'taking care of them'.

Locking Credit Score

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