Security FAQ's - GreenPointe Financial | Reliable Credit Repair & Debt Settlement Svcs.

Credit Report Security Freeze FAQ’s

A vital precautionary step to protect your personal information, plus credit files is to Freezing them correctly, with at all three Credit Reporting Agencies.

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So, What Is a Security Freeze and How Effective Are They?

A Security Freeze is also known as a credit file freeze, is a tool that lets you restrict access to your credit reports, and scores, which in turn makes it impossible for identity thieves to open new accounts in your name. The reason being is that automated credit approval systems, and human underwriters, need to see your credit score, and or report, to grant an extension of credit/ to approve a loan.

And, if either credit evaluation process is denied access to this information, the application will be declined.

Moreover, contrary to what you may hear or read on other online platforms (if your credit files haven’t already been compromised), a Credit Freeze is a great precautionary mechanism to prevent Identity Thieves from accessing your existing credit lines a well.

Common Questions & Answers, About a Credit Freeze and Our Offered Service

WHAT'S THE DIFFERENCE BETWEEN A SECURITY FREEZE AND A CREDIT LOCK?

According to Christina Tetreault, a staff attorney on the financial services team at Consumers Union (the policy and mobilization arm of Consumer Reports), the main reason a security freeze is better than a credit lock is that its promise to protect your credit report and personal data is guaranteed by law.

In contrast, a credit lock is simply an agreement between you and a credit monitoring company.

“Having a contractual agreement is not as strong as having protections under law,” Tetreault says. “The (monitoring) contract may be unclear, and may include provisions that allow the other party to change it, or include provisions that you may be better off not agreeing to, such as an arbitration agreement,” potentially voiding your legal rights.

WHAT'S THE DIFFERENCE BETWEEN IDENTITY FRAUD AND IDENTITY THIEF?

Identity Fraud is the unauthorized of someone’s personal information for illicit financial gain. Identity Fraud ranges from using a stolen payment card account for a fraudulent purchase to opening duplicitous new accounts.

Identity Thief is the unauthorized access to personal information. It can occur without Identity Fraud, such as through data breaches.

And, once the ill-gotten data are used for financial gain, it then is considered Identity Fraud.

WHAT IS THE MOST SECURE WAY TO PROTECT MY IDENTITY AND CREDIT?

The best way to protect your identity and credit reports is to add a Security Freeze to ALL 3 of your credit files.

WHY SHOULD I EMPLOY GREENPOINTE TO PROCESS MY CREDIT FREEZE?

Since 2009, GreenPointe Financial has been assisting credit conscious consumers to manage their credit profiles. And, as with all of our offered Credit Management services, we are fluent in the applicable consumer credit statutes, up to date with Credit Reporting Agencies (CRAs) tactics, correct processes, and thorough in our delivery.

Thus, to protect your legal rights, each Credit File Freeze that we originate is manually processed, with the correct documentation. Moreover, to avoid future validation concerns, due to the CRAs highly publicized, unending questionable practices, all demands are mailed certified, tracked and the deliveries to all 3 CRA’s is recorded.

Additionally, as a follow up, we will send you an email and hard copy confirmations that their request has been fulfilled.

And, unlike other heavily advertised identity protection services that charge a monthly fee, for a low one-time charge of $89.95 you can secure ALL 3 of your credit files from Identity Theft, and Identity Fraud indefinitely.

CAN'T I FREEZE MY FILES ON MY OWN?

Absoutely! However, buyer beware…

The credit reporting agencies terms of service agreements may have stipulations embedded the by completing the credit freeze process via their website, may be voiding your future right to sue them; in the event a massive data breach occurs.

E.G. After the 2017 Equifax breach that affected approximately 147.9 Million U.S. consumers (meaning, virtually every credit-active Americans credit file was compromised), they implemented such a clause where a consumer could not sue them or enter a related class-action lawsuit.

DO I HAVE TO FREEZE MY FILE WITH ALL 3 CONSUMER REPORTING AGENCIES?

YES! Because different credit issuers may use different consumer reporting agencies. If you want to stop your credit file from being viewed, you must freeze it with Equifax, Experian, and TransUnion.

NOW THAT MY SECURITY FREEZE HAS BEEN REQUESTED, WHAT HAPPENS NEXT?

To ensure there are no future denials of receipt GreenPointe Financial will track and record your certified request, making sure each bureau did in fact receive the required information.

Moreover, as of 2010, the consumer reporting agencies Equifax, Experian and TransUnion must place a freeze within one (1) day of receipt. And, after ten (10) business days from receiving your letter to place a freeze on your file, the consumer reporting agencies will send you a confirmation letter; containing a unique PIN (personal identification number) or password.

You will want to keep this PIN or password in a safe place; as it will be required to temporarily lift or permanently remove the freeze.

HOW LONG DOES A CREDIT FREEZE STAY ON MY CREDIT REPORTS?

Once implemented, a freeze remains active until you request it to be lifted temporarily or permanently removed.

CAN A POTENTIAL CREDITOR GET MY CREDIT SCORE IF MY FILE IS FROZEN?

No. A creditor who requests your file from one of the three consumer reporting agencies will only get a message or a code indicating that the file is frozen.

CAN AN EMPLOYER PERFORM A CREDIT BACKGROUND CHECK IF MY FILES ARE FROZEN?

No. You would have to lift the freeze to allow a background check, just as you would to apply for credit. The process for lifting the freeze is described above.

CAN ANYONE SEE MY CREDIT REPORT AND SCORE IF MY FILE IS FROZEN?

Certain entities still will have access to it.

Your report can be released to your existing creditors or to debt collectors acting on their behalf.
Government agencies may have access in response to a court or administrative order, a subpoena, or a search warrant.

WHAT WILL A NEW CREDITOR WHO REQUESTS MY CREDIT FILE SEE IF IT IS FROZEN?

Potential creditors will not be able to access your credit report unless you inform the credit bureau to temporarily lift the freeze or permanently remove it from your file. Each credit bureau has their own procedure for doing this, but it usually requires proper identification, your password or PIN, and payment of any applicable fees.

In other words, a creditor will see a message or a code indicating the file is frozen.

CAN I OPEN NEW LINES OF CREDIT IF MY FILES ARE FROZEN?

Yes. You can have a security freeze lifted, either for a temporary period of time, or for a specific Creditor. This is done at no charge for victims of Identity Theft. Yet, for non-victims, depending on what state you reside in, there may be a fee to perform a temporarily or permanent lift. Hence, the steps to do so are as follows:

Contact the consumer reporting agency from which the disclosure will be procured.

The manner by which you contact them is bureau specific (e.g. telephone, fax or over the Internet), however, it is our experience that the process can be done via a phone call.
You must provide proper identification
You must provide your unique PIN or password
And, if you are requesting to open your credit to a third party or for a specific period of time, you must provide to whom or during what time period your credit report will be accessible.

HOW LONG DOES IT TAKE FOR A SECURITY FREEZE TO BE LIFTED?

Effective September 1, 2009, consumer reporting agencies must lift a freeze within 15 minutes from receiving your request. Your Social Security numbers or any portion thereof for creation of the password will not be used to temporarily lift or permanently remove a freeze.

IS THERE A FEE TO TEMPORARILY LIFT A SECURITY FREEZE?

Credit Freeze fees for placement, date range lift, permanent removal and for replacement pins differs by state; and if there is a charge for any of the above services per a 2017 50 state fee chart the scope is free to $10.00 per action.

DOES FREEZING MY CREDIT FILES MEAN THAT I WON'T RECEIVE PRE-APPROVED CREDIT OFFERS?

No. You can stop the pre-approved credit offers by calling 888-5OPTOUT (888-567-8688). Or you can do this online at www.optoutprescreen.com. This will stop most of the offers that go through the consumer reporting agencies. It’s good for five years or you can make it permanent.

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