Monday, October 08, 2007

Making credit freezes difficult

In the ongoing story of credit reporting agencies and protecting your credit history,

Credit bureau Experian has joined rival TransUnion in allowing people in all 50 states to freeze their credit reports. The third major credit agency, Equifax, says it will soon join as well.


But don’t start applauding yet.

Credit bureaus don’t release the number of security freezes in place, but have said that it is low. It’s not surprising: the process of freezing and unfreezing your credit is complicated and aggravating. (NY Times)

Credit reporting agencies have no incentive to make this easier for the consumer unless it involves putting money in their pockets. They have every incentive to dissuade you from using this service.

No comments: