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Experian’s credit freeze security is still a joke

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What Is Security Freeze?

Researchers reported that a credit freeze allows an individual to control how a U.S. consumer reporting agency (also known as a credit bureau) is able to sell personal financial identity data. The credit freeze locks the data until the individual gives permission for the release of the data. Also a credit freeze prevents what's typically a lender's first step in processing a credit application.

Having credit freezes in place at the three national credit bureaus effectively prevents processing of any credit application in your name. To allow a lender to process your application, you'll need to thaw your credit reports. While that can be effective at preventing unauthorized credit applications, it can make life a little more challenging when you submit a legitimate loan.

Security freeze
Security freeze

When Should I Set Up A Credit Freeze?

COPYRIGHT_WI: Published on https://washingtonindependent.com/ebv/experian-s-credit-freeze-security-is-still-a-joke/ by Alberto Thompson on 2021-05-24T04:03:51.188Z

If you've been a victim of identity theft or credit fraud, you have more than one option. There are less-disruptive alternatives to a credit freeze, including fraud alerts.

Other reasons to consider actions to protect your credit include: Signs of suspicious activity on your credit reports. Unauthorized withdrawals or cash transfers from your checking or savings accounts. Notice that your personal information has been compromised in a data breach.

When Should I Set Up a Credit Freeze
When Should I Set Up a Credit Freeze

What’s The Difference Between A Credit Freeze And A Credit Lock?

How to protect your credit and identity after a data breach or security incident. Both freezing and locking your credit file block future lenders from accessing it.

Experian's CreditWorksSM and IdentityWorksSM products provide CreditLock as a feature. It monitors your credit file on a regular basis, so you'll be notified if there's any new activity. There is no need to wait for your report to be locked or unlocked.

Each of the three credit reporting agencies, Experian, Equifax, and TransUnion, must implement and administer security freezes. A PIN code is required every time you want to freeze or unfreeze your credit.

What’s the Difference Between a Credit Freeze and a Credit Lock
What’s the Difference Between a Credit Freeze and a Credit Lock

Why Is Experian’s Credit Freeze Security Still A Joke?

Some netizens who have attempted the credit freeze from Experian and other credit cards share their thoughts on the credit freeze from various angles, such as, Freezes don't seem to work; if you try to lift one, they say you don't have an active freeze. How does that help? For Transunion, all you needed was the last four digits of my SSN to lift a freeze, so how does that help? You do not want your personal information to be shared with these firms.

Even something as simple as paying for an exchange of services or goods should be simple, but it isn't; risk transfer, money raising, and power transfer are all risky endeavors.

In order to rent an apartment in the United States, you must have a credit history. Credit cards are governed by stringent consumer protection laws in the United States. But what does this have to do with credit cards in particular? Isn't it true that debit cards aren't as well protected as credit cards? The point is that in order to do business in the United States, you must have a credit history. Danger, money, and power transfer are the main concerns of the United States. Banks have little financial motivation to invest. It is in their best interests for your money to remain in your account, where they can spend it or charge you various service fees. Payment systems are about designing complicated systems that people want to be a part of, as long as the system is complex enough.

The most important aspect of this program is that they provide you with a year of it as compensation for a data breach, saying that it is worth 12 times the monthly fee. Congress seems to be only interested in squabbling about issues that no one can agree on.

Credit cards, much like debit cards in Germany, are often used because they are easier to use when paying online, and they also act like debit cards anyway. No waiter will "disappear" with your card in Poland; instead, a handheld terminal will be brought to your table.

Denmark recently released a digital driver's license. In terms of validity, the digital license is identical to the physical license. Banks have developed a way of quickly transferring money between accounts in different banks using only a phone number and the digital driver's license, so you'll never need to hold your wallet again.

That is just a sampling of people's reactions and viewpoints on credit freeze security. Credit cards and credit freeze security have positive and negative outcomes for different people in different countries.

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About The Authors

Alberto Thompson

Alberto Thompson - I live in Vancouver, Canada, and work as a web developer and graphic designer. Back end programming (PHP, Django/Python, Ruby on Rails) to front end engineering (HTML, CSS, and jQuery/Javascript), digital usability, user interface, and graphic design are all areas of web development where I spend my days. I'm a huge fan of web creation and design in all of its forms, as well as assisting small businesses and artisans with their online presence.

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