Credit-Blind

Can I get the best of both worlds of credit locks and freezes?

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Can I get security, convenience AND affordability by freezing my Experian and TransUnion credit files, and using only Equifax Lock & Alert when I want to apply for credit?

In other words, will creditors accept seeing a credit report from only one credit reporting agency?

On the other hand, since a credit check isn’t run every time you buy something with a credit card (as opposed to APPLY for a credit card), maybe credit checks are infrequent enough that you should just freeze all 3 credit files, and temporarily unfreeze them only when a credit check is required?

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I’m basing this question on my understanding of how this all works.

But I’m new to this, so please correct me if I got any of the following wrong, or it is not current:

Credit locks and freezes:
• Block all access to your credit file, except for your existing creditors (and their debt collectors), government agencies authorized by the courts, and anyone authorized by you.
• Must be placed or lifted separately for each of the 3 credit reporting agencies.

Credit freeze:
• Reporting agencies legally bound to guard credit files: YES
• Cost: usually $5 or $10 to place, may be a similar fee to lift
• Speed to place or lift: usually 1-2 days; may take up to 3 business days
• Requires PIN: YES

Credit block:
• Reporting agencies legally bound to guard credit files: NO
• You may have to agree to arbitration in disputes
• Cost:
  • Equifax Lock & Alert: free for life
  • Experian CreditLock: $25 a month
  • TransUnion Credit Lock: $20 a month
• Speed to place or lift: immediate (from phone app)
• Requires PIN: NO

Also, I understand that LifeLock has been successfully sued for $100 million for not securing consumers’ financial data, and for false advertising, so I don’t see them as having any place in securing one’s credit files.

Thanks for any help.

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2 hours ago, Credit-Blind said:

Can I get security, convenience AND affordability by freezing my Experian and TransUnion credit files, and using only Equifax Lock & Alert when I want to apply for credit?

Not the way you are intending.  If the creditor wants only Equifax or wants all 3 you will have to provide that access or risk being denied.  You cannot force them to do it your way.

2 hours ago, Credit-Blind said:

In other words, will creditors accept seeing a credit report from only one credit reporting agency?

The only answer to that is maybe but there is no way to know until you are denied.

 

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22 hours ago, Credit-Blind said:

On the other hand, since a credit check isn’t run every time you buy something with a credit card (as opposed to APPLY for a credit card), maybe credit checks are infrequent enough that you should just freeze all 3 credit files, and temporarily unfreeze them only when a credit check is required?

So maybe it wouldn't be prohibitively inconvenient to just freeze all 3 credit files?

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57 minutes ago, Credit-Blind said:

So maybe it wouldn't be prohibitively inconvenient to just freeze all 3 credit files?

If you are not planning on applying for new credit any time soon it should be inconvenient.  Keep in mind a freeze does not prevent current creditors from pulling.  They already have a permissible purpose.

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