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Busting The Credit Freeze Myth..

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The Truth

What The Credit Freeze Does Not Do...

 

Freezing your credit report does not directly impact the process of getting negative accounts deleted from your credit report. Credit freezing is a security measure that restricts access to your credit report, making it more difficult for identity thieves to open new credit accounts in your name without your permission.

What The Credit Freeze Was Created To Do...

A credit freeze, also known as a security freeze, is a protective measure designed to help individuals prevent unauthorized access to their credit reports and reduce the risk of identity theft and fraud. Here's what a credit freeze is created to do:

  1. Block Access to Credit Reports: When you place a credit freeze on your credit reports with the major credit bureaus (Equifax, Experian, and TransUnion), it restricts access to your credit information. This means that potential creditors, lenders, or other parties who typically review your credit report before approving credit applications cannot access it.

  2. Prevent Unauthorized Accounts: By freezing your credit, you make it significantly more challenging for identity thieves to open new credit accounts in your name because most creditors require access to your credit report to evaluate credit applications.

  3. Enhance Security: A credit freeze adds an extra layer of security to your personal information. Even if someone has access to your personal details, they won't be able to open credit accounts without your knowledge and consent.

  4. Control Access: You have the ability to control access to your credit reports. When you want to apply for credit, loans, or other financial services, you can temporarily lift the freeze (thaw) for a specific creditor or period. This allows legitimate access for that specific purpose.

  5. Protect Against Unauthorized Inquiries: Credit freezes also protect against unauthorized inquiries on your credit report. When a credit check is requested, it will be denied if your credit is frozen, unless you temporarily lift the freeze.

It's important to note that while credit freezes are a powerful tool for preventing new account fraud and protecting your credit information, they do not impact existing accounts or debts on your credit report. You still need to monitor your credit reports for inaccuracies and address any issues with negative accounts through the dispute process, as freezing your credit won't remove or modify existing credit information.

In summary, a credit freeze is created to provide individuals with greater control over their credit information and reduce the risk of identity theft and unauthorized access to their credit reports.

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