tell me about creditlock

[morganfrmn]

does this credit lock really lock your credit report.... will it keep people from posting

items on your credit report.

 

1/ say you buy creditlock and next week a doctor wants to post a medical collection on your report.

will this lock it out...

[credicredo]

No such thing as a "credit lock" The CRA's do offer a "Credit Freeze" to guard against identity theft, it will NOT prevent a creditor from adding a trade line to your report. It will only prevent them from accessing it when you apply for credit.

[morganfrmn]

looks like a new collection account would be blocked

anybody out there with any experience with creditlock

[credicredo]

looks like a new collection account would be blocked

anybody out there with any experience with creditlock

 

Nope, it simply prevents a new creditor from pulling your credit. Will NOT stop a collector from adding a new derogatory trade line on your report. Creditlock is a brand name for a credit freeze. They charge you 7.05 per month for this service. Why would someone do this when it only costs a one time charge of $10.00 through the CRA's themselves?

 

From their website:

 

"There are two components to the TrustedID IDfreeze solution. Lender DoubleCheck requires that the credit agencies actually check with the recipient of the credit to make sure that the credit was in fact requested.

 

"We notify the credit bureaus to put an alert on your credit file and keep it there over the course of your membership," Mitic told internetnews.com. "This requires lenders to verify your identity before they do anything which could negatively affect your good standing."

 

The second component of the TrustedID solution set is a service called CreditLock. It locks a users credit report on all three (Equifax, Experian and TransUnion) credit reporting agencies and does not enable anyone to check or issue credit on a users behalf without the users permission. The TrustedID IDfreeze service is free for the first 30 days after which it costs $7.05 a month."

 

Where in there does it say it will not allow a collection agency to add a new derogatory item?

[MaxQ]

It is impossible to prevent creditors from posting their experiences with you to your CR, If you are late or incollections, they will report it.

 

No gimmick will prevent it.

[MaxQ]

Besides, you can install a fraud alert on your account yourself for free. Why pay someone else to do it?

[Why Chat]

Besides, you can install a fraud alert on your account yourself for free. Why pay someone else to do it?

A fraud alert is only useful if you believe you are the victim of ID theft or fraud. A "freeze" which is available in the States shown on the Creditlock site can be obtained directly from each CRA without the "monitoring" fee, or through this site without the monitoring service.

 

A freeze prevents NEW credit OR COLLECTION ACCOUNTS from being reported without adequate verification. This does NOT mean that a CA can not report a "new" collection account, however, it DOES mean that they have to provide verification to the CRA that they have confirmed your name and address and contacted you BEFORE it can be posted.

 

In addition, anyone applying for "new" credit needs to give permission for their reports to be accessed.

 

( This is how it is supposed to work, but the process is fairly new so I imagine there will be some glitches, HOWEVER, in the limited exposure I have observed it SEEMS to make it easier, at least in Fl.( free for seniors) to get deletions of unverifiable accounts)

Edited April 28, 2007 by Why Chat