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What Happens After You Freeze Your Credit?

If you’ve been a victim of identity theft, the first thing you should do is put a “freeze” on your credit report by calling the three credit bureaus (Experian®, Equifax® and TransUnion®) and asking them to freeze your accounts. This prevents anyone from opening loans in your name or using your personal information for other financial scams. However, a credit freeze also keeps you from opening a new loan. If you recently placed a security freeze on your credit account and are now applying for a loan or line of credit, please be aware of the following:
  • Your loan application may be delayed a few additional days.
  • It is your responsibility to contact the credit bureaus and request a “thaw” of your credit so your credit report can be pulled for your application.
  • The cost of lifting and reinstating the security freeze is your responsibility.
  • Credit bureaus are required to lift the freeze within three business days of your request to them.
  • Your security freeze can be reinstalled once the credit report has been pulled to review with your loan application.
  • Any co-borrowers or co-signers associated with your application will also need to lift security freezes before your application can be processed.
  • If your credit report cannot be accessed, it may impact the processing of your loan application.
The integrity of your personal information is important. If you have had your information compromised, it is important to keep a security freeze in place, but you should know that it does impact the loan process. Let our lenders know if you have any questions.