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I have had a credit freeze on the big 3 credit reporting agencies for many years, and now I'm hearing about a 4th, Innovis (since the latest Equifax breach).

Is there a down-side to freezing Innovis too? What about ChexSystems? Does this make sense?

I don't think freezes are a complete guarantee, but in general it seems like it's better than nothing. It's not a level playing field for consumers.

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A credit freeze of a specialized agency would have a few potential gotchas:

  1. Terms and conditions differ, so you need to read everything:

    Please be advised that security freeze requirements do not apply to prescreening inquiries made by creditors who may want to offer preapproved credit or demand deposit account information service companies.

  2. If you forget you have a freeze of a specific database such as ChexSystems, you may face an unexpected delay in removing the freeze or a denial:

    Security Freeze Information

    The security freeze is designed to prevent credit, loans and services from being approved in your name without your consent. You should be aware that taking advantage of this right may delay or prevent timely approval from any user of your consumer report that you wish to do business with. The third party will receive a message indicating that you have blocked your information.

References

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Other than the potential cost of it, along with the extra step of freezing and lifting the freeze, there is no downside to protecting yourself from identity theft.

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