Want To Buy A Home…. But What If My Credit Is Frozen?

Want To Buy A Home…. But What If My Credit Is Frozen?

You should know by now if your are looking to buy a home, that having good credit is a HUGE factor.  If you are actively seeking a loan from Box Home Loans, you should understand that the procedures involved in lifting a security freeze may slow your own applications for credit. You should plan ahead and lift a freeze, either completely if you are shopping around, or specifically for a certain creditor, a few days before actually applying for new credit.

Security freezes are designed to prevent a credit reporting company from releasing your credit report without y

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our consent. However, you should be aware that using a security freeze to take control over who is allowed to access the personal and financial information in your credit profile may delay, interfere with or prohibit a timely approval.

When you place a security freeze on your credit, you will be provided a personal identification number or password to use if you choose to remove the freeze permanently or temporarily. To provide that authorization, you must contact the reporting agency and provide all the following:

  1. Sufficient identification to verify your identity.
  2. Your personal identification number or password provided by the credit reporting company.
  3. A statement that you choose to remove the security freeze from your credit or that you authorize the reporting agency to temporarily release your consumer report. If you authorize the temporary release of your consumer report, you must name the person who is to receive your consumer report or the period for which your consumer report must be available.

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