Credit Bureau Freeze - Specific Question

[NKN]

Has anyone ever voluntarily frozen their credit bureau reports and then, for whatever reason, obtained a single-use PIN number from the bureaus for one creditor to access all your reports ????

Did the process work? Easy? Hard? Awkward?
Did the creditor object to doing it that way or did they find it difficult to work with?
Would you do it again?

We froze our reports a year ago and are now applying for a mortgage. The loan officer has never done the PIN number method. But, we really hate to open up wide all our information at all three bureaus, for "X" amount of time. And he needs to access all three bureaus.

Thoughts ?

Thanks.

 

[bogey21]

We froze our reports a year ago and are now applying for a mortgage. The loan officer has never done the PIN number method. But, we really hate to open up wide all our information at all three bureaus, for "X" amount of time. And he needs to access all three bureaus.

The loan officer shouldn't be the one doing it. You need to be the one. Don't give your pins to the loan officer. Tell the loan officer that you will open up your Credit Reports for 24 hours only and that it is up to him to do what needs to be done within this time frame. Then after contacting the 3 Credit Bureaus and doing it call the loan officer and tell him that he is on the clock. It isn't really hard.

George

 

[Talent312]

We froze our reports a year ago and are now applying for a mortgage. The loan officer has never done the PIN number method.

What Bogey said. You don't want him putting your PIN on his 'puter.
If possilble, you ask him to pull the CR's while you're sitting there.
When he confirms that it's done, you re-freeze 'em.
.

 

[NKN]

Any idea how long the PIN numbers are applicable? A week? A month ? From my experience thus far, I'm guessing that either I or the bureau sets the time frame and the report stays available until then and then automatically shuts down again.

One of the hardest issues is that each bureau handles it slightly differently. You don't know how to prep for it.

 

[DeniseM]

Please re-read the answer above. You are going to open the account for a very short time frame like 24 hours, and then you are going to freeze them again.

 

[bogey21]

Two things. First and most important. You deal with the Credit Reporting Agencies out of sight and hearing from the loan officer. You don't want him anywhere near your PIN numbers. Second, the PIN numbers don't change. After the freezes are lifted for 24 hours (or whatever time period you designate) they go right back on with the same PIN numbers. They stay frozen forever unless you permanently remove the freeze.

George

 

[mdurette]

The advice you are getting here is correct. But I will adjust a bit.

1. Correct. You have to unfreeze the reports. 3 for you and 3 for other borrowers. For a mortgage app you have to do equifax, experian and transunion.
2. Check with the LO to see when the credit will be pulled. 24 hours may not be long enough. the LO may need a day or two more depending on scheduling and who pulls the reports in the company you applied with.
3. There is a very good chance that your credit will need to be pulled again prior to closing. All needs to be done again for this.

 

[presley]

When I have lifted my freeze, I have been offered a one time use pin. The pin is meant to give to the lender so that only that one lender could access my report. The pin only works once. It only works for the credit reporting agency that issues it. It will not work for all 3. I do not know if all 3 have the one time use pin as an option.

I agree with the others that it is better to just unfreeze for a specific amount of time. That's what I did when I did my refi. I set them all to freeze again in 3 days. Trust me, the person making the loan will act quickly as they want their money out of your loan.