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LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

Does Freezing Credit Reports Work?

By: Daniel Rosen February 09, 2021

A credit freeze is a service most credit agencies offer which allows you to essentially lock down, suppress or freeze your credit report. 

Now, there are a few instances when this is very helpful. 

For instance, in cases where identity theft has been detected or is suspected because it prevents anyone from opening new accounts in your name. 

Or some people traveling abroad for a long period of time use this service as peace of mind so they don’t have to worry about ID theft while out of the country. 

Or sometimes government officials use this service to hide their personal information from the public.  

But for the most part, it’s a tool to prevent ID theft.

 


Here’s what you need to know:

  1. If anyone attempts to request a frozen report or open an account without your permission, the bureau won’t release it and the lender won’t be able to access your report. 
  2. It’s really easy to freeze your report, you can simply call the credit bureau and request it. You can also remove a credit freeze just as easily with a phone call and within an hour they are required to lift the thaw or unfreeze your report.
  3. All credit bureaus are required to offer this service, not just the big 3 - but also supplementary bureaus like LexisNexis, Sagestream, Innovis and CoreLogic all offer it as an option. 

Now, there’s a couple theories running rampid around the industry that claim freezing credit reports can help repair credit. 

One of them is, if you freeze a credit report with the big 3 bureaus like Experian, Equifax or TransUnion then dispute an item on the frozen report - then the creditor or bureau will essentially have their hands tied and won’t be able to verify it.  

And the other is, you can freeze supplementary credit agencies that provide information to the big 3 bureaus, and by doing so when you dispute with the bureaus they won’t be able to access the supplementary bureau and the item you disputed cannot be verified. 

So for example, if you are disputing a bankruptcy - LexisNexis supplies public records like bankruptcies to the big 3 bureaus. So, you start by freezing LexisNexis and then dispute with the Big 3 bureaus. 

The idea is, since Lexis Nexis is frozen, the big 3 can’t verify it and boom, it’s magically deleted.     

That sounds amazing! 

But is it true?

Unfortunately, like most things in life that sound too good to be true - it’s the same for these theories. 

They simply are false.  

Here’s why this is important: 

The truth is, freezing credit reports in the attempt to stop the dispute process is crap and doesn’t work at all.

Suppression is only to prevent ID theft OR to hide information if you’re a government official or someone that could have harm done to them by making this information publicly available.

So the only thing freezing credit reports does in terms of credit repair is it stops lenders from accessing your reports, but IT DOESN’T stop the dispute process.

Now you may be wondering, then what CAN I do?

It’s simple! 

You can use our proven and effective methods we teach in our Basic Disputing Course. Methods for verification, disputing accounts, sending warnings, being persistent with reinvestigations, doing interventions, filing complaints, demanding validation and a ton of other real strategies that actually get you results.  

Right now we’re offering that certification course for FREE inside our Credit Hero Challenge, where we walk you by the hand as you launch your very own credit repair business in just a couple of weeks AND for less than it costs to bring your family to McDonald’s for dinner. 

To join the challenge and get the Basic Disputing certification course for free, go to www.creditherochallenge.com. 

 

 

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

0:00  

Have you heard of a method called freezing or suppressing credit reports? Well, there are some who swear by it, and others who say it's total crap. In this episode, I'm going to reveal the secret on whether or not this is a legit method to clean up credit. So stick around! 

 

So the big question is this. How can we take our passion for helping people with their credit and turn it into a successful business without taking loans without spending a fortune by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to Credit Repair Business Secrets.

 

As I dive into freezing credit reports, if you want to know more about how you can go from zero to Credit Hero with your very own profitable credit repair business in just 14 days, click the link in the video description down below or visit creditherochallenge.com. Okay, first things first! What exactly is a credit freeze and how does it work? Good question! A credit freeze is a service that most credit bureaus offer, which essentially allows you to lock down, suppress, or "freeze" your credit report. Now there are a few instances where this can be very helpful. For instance, in cases where identity theft has been detected or is suspected because it prevents anyone from opening new accounts in your name. Or, some people who are traveling abroad for a long period of time, they use this service for peace of mind. So they don't have to worry about identity theft while they're out of the country. Or, sometimes government officials use this service to hide their personal information from the public. But for the most part, it's just a tool to prevent identity theft. So here's what you need to know! If anyone attempts to request a frozen report or open an account without your permission, the bureau won't release it, and the lender won't be able to access your report. It's really easy to freeze your report you just call the credit bureau and request it. Okay? You can also remove a credit freeze just as easily with a phone call, and within an hour, they are required to lift the thaw or "unfreeze" your report. Now, all credit bureaus are required to offer this service, not just the big three, but also supplementary bureaus like LexisNexis, SageStream, Innovis, and CoreLogic. They all offer this as an option. Now, there are a few theories that are running rampant around the credit repair industry that claim that freezing credit reports can help repair credit. And one of those theories is if you freeze a credit report with the three bureaus, meaning Equifax, Experian, and TransUnion. And then you dispute an item that's on the frozen report, then the creditor or bureau will essentially have their hands tied, and they won't be able to verify it. And then the other theory is you can freeze supplementary credit agencies that provide information to the three big bureaus and by doing so, when you dispute with the Bureau's, they won't be able to access the supplementary Bureau and then the item you disputed cannot be verified. So for example, for this theory, if you are disputing a bankruptcy LexisNexis supplies, public records like bankruptcies to the big three bureaus. So you start by freezing LexisNexis and then you dispute with the three bureaus. Now the idea is, since LexisNexis, is frozen, the big three can't verify it, and boom, it's magically deleted. That sounds amazing. But is it true? Well, unfortunately, like most things in life, that sound too good to be true. True. It's the same for these theories. They're just false! Okay? They are not true! Here's why this is important. The truth is freezing credit reports in the attempt to stop the dispute process - it's crap! It doesn't work at all! Suppression is only to prevent identity theft or to hide information if you're a government official, or someone that could have harm done to them by making this information publicly available. So the only thing freezing credit reports does in terms of credit repair, is it stops lenders from accessing your reports, but it doesn't stop the dispute process. Now, you may be wondering, then what can I do? Well, it's simple! You can use our proven and effective methods that we teach in our basic disputing course, methods for verification, disputing accounts, sending warnings, being persistent with reinvestigations, doing interventions, filing complaints, demanding validation, and a ton of other real strategies that actually get you results. Now, right now, we're offering that certification course for free inside our 14-day Credit Hero Challenge, where we actually walk you by the hand as you launch your very own credit repair business in just a couple of weeks. And for less than it costs to take your family to McDonald's for dinner. So to join the challenge, and get the basic disputing certification course for free, go to creditherochallenge.com. And if you're finding value in this podcast, please click below to subscribe, and if you're feeling extra kind leave a review because this is a new podcast, and I can use all the help I can get. And I can't wait to see you in the next episode. And until then, keep changing lives!

 

Want more credit repair business secrets? Then get a copy of my book, The Ultimate Guide to Starting a Credit Repair Business. Get it free at creditrepaircloud.com/freebook. Inside this book, you'll find my top 35 secrets to removing items from credit reports, and turning that into an amazing business that helps people, changes lives and makes you a great living in the process. Get it free at creditrepaircloud.com/freebook.

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