Should You Freeze Your Credit??
Whether or not you’re thinking of buying a home, we all know that having a strong credit score is an important component in your financial picture. Perhaps even more important is knowing that the credit score you worked for is secure, and no one is opening credit in your name without you knowing. There are hundreds (thousands?) of services out there that will charge you to monitor your credit, and lots of free ones as well, but the best way to make sure you don’t become a victim of identity theft is to freeze your credit, effectively locking the door to anyone trying to do a hard pull on your credit.
In light of the recent social security number breach (read more HERE), it’s more important than ever, and it only takes a few minutes. All you need to do is go to all three credit bureaus, enter a bit of info, and you’re all set.
Just remember that if you want to apply for a loan, get a mortgage, a credit card (or even those “buy this for five easy payment” type things), you’ll need to unfreeze it first. Yes, even if you’re at a store and get a discount if you open a card, you’re not going to be able to do that either. (Most insurance, too.) But if you want to do anything that will pull your credit, just hop online and unfreeze, then refreeze it when that’s been done.
Another little tip that a lot of people don’t know about is Opt Out Prescreen. You know how you’ll get “prequalified” for offers of credit, whether for a car loan, a credit card, etc? This happens even more when you apply for a mortgage. That info flags other lenders to know that you’re getting a mortgage, and you just may get calls, etc. (Yes, the credit bureaus sell your info if you don’t opt out.) You don’t even need to go to all three bureaus. Just visit OptOutPrescreen and you can opt out for 5 years online, or opt out permanently by mailing in your request. A bonus of this? I get SO much less junk mail, too!