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Credit Alert Issues

Anon456
  |     |   249 posts since 2011

there are credit alerts, and credit freezes. My understanding is that a FREEZE is like a locked out credit bureau account, but an alert is just an added step to require them to verify (reach out and contact you) step.

I have found several credit unions (not all) that tell me they cannot process my application because I must lift my credit freeze. (there is a process for lifting that).

Again, my understanding is that you do NOT lift an ALERt, but rather, the financial firm only has to verify you before accessing and opening an account.

Am I missing something. Is there a way to temporarily "lift" the alert, or is this just a mechanized process on their end and they do not have a way or wish to overcome it and use the credit bureau??

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Answers
Choice
  |     |   937 posts since 2020
Tell them to process it as a soft pull and no lift is required. If they don’t, ask why…they get the same info no matter what. Or ask them first to use ChexSystems…then when account is opened by them they can then do a soft pull “for maintenance” purposes.  Further a couple years ago I started with a new cu and they couldn’t get my credit report b/c freeze and I said I don’t want any credit and you all need to use ChexSystems for Id or forget it!  They did Chex and rest is history!  Finally I surmise that one would cannot have an alert w/o having a freeze in place
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Rickny
  |     |   1,296 posts since 2017
I just for a mortgage pre approval. The bureau that the mortgage broker used (Experian) had our account frozen (Which we did). I have an Experian login and was able to take the freeze temporarily or permanently.

I while ago when we froze the account we were given pin numberes that were supposed to be use to unfreeze our credit files. Didn't need these to unlock. Not sure how they are used. I'm sure Alan1 an help on that.
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Choice
  |     |   937 posts since 2020
Rick, have you thought about taking/holding the paper for the home you will sell? Pretty good rates for first
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Rickny
  |     |   1,296 posts since 2017
The 30 year mortgage rates are around 4% and my current mortgage rate is 3.25%.

We prefer not taking care of 2 houses at the same time. With taxes
alone adding up to over a thousand a month the carrying costs are high. Add over 1k insurance and utilities and upkeep we prefer selling close to buying. We have a lot of equity in our current house. We are approved with a new mortgage and keeping our current.

So when we go to NC in April we'll see how things go. We have a price limit and want to make sure we get the right house. We'll see how things are and how they will fall into place. Nice when not a forced move. We can easily afford NY but prefer lower taxes, warmer winters and nicer people and of course no more NY liberal politics.
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Choice
  |     |   937 posts since 2020
Just trying to see how the numbers work
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Sylvia
  |     |   389 posts since 2012
Rickny, I think that PIN is for unfreezing Experian report outside of their website, e.g., by phone.
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