Securing Your Credit

Before You Freeze Your Credit.

The most recent Equifax security breach certainly exposed millions of informational profiles that may potentially cause some credit issues for consumers.

While there are many programs being put into place to help mitigate the potential exposure, there is a common one that most credit concerned consumers are being asked to do. Freezing an account is a surefire way to put up a wall against the possibilities of your information being used by wrongful parties whom have access to it. In fact, the credit agency is continually pushing consumers to make this move.

In our work as a mortgage lender, we come across a lot of clients that make it a practice to continually have a freeze on their credit and information without issue of breaches. We suggest that you consult with your loan officer if you are in the middle of the loan process to arrive at the best remedy to assure your closing will take place. There is always a final credit soft pull credit report just prior to closing to assure that no changes have occurred since making the original application. Once you get that final move forward, then the freeze can either be re-applied or placed for the first time.

Once the security breach is patched up and the reporting agencies are back to regular business, it would be beneficial to follow their guidelines for continued self monitoring. It is a very unfortunate circumstance and one we hope to never see occur again.


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