Comments on: A New Tool that Protects Your Credit: Credit Lock

By: DC @ Young Adult Money

DC @ Young Adult Money — Mon, 16 Feb 2015 12:47:10 +0000

DebtFreeToBe Yeah it would be great if this was for all 3 credit bureaus, but as far as I know TransUnion is the only one who has implemented this technology. Paying down debt is definitely a balancing game where you need to pick and choose what you prioritize.

By: DebtFreeToBe

DebtFreeToBe — Mon, 16 Feb 2015 06:07:39 +0000

This is new to me. As I start to clean up my “act” my mom asked me just yesterday what I was doing to protect my hard work. I monitor using a 3 bureau service. That isn’t enough? Ugh, I do wish this lock was for all 3 as it is a terrific idea! But paying down debt versus paying to protect identity is a hard choice.

By: DC @ Young Adult Money

DC @ Young Adult Money — Sun, 15 Feb 2015 17:38:10 +0000

No Nonsense Landlord Yes, it would be great if Experion and Equifax developed a similar tool. It also would be great if a third party made it possible to lock all three at once. For now, though, the process is still separate for each credit agency.

By: No Nonsense Landlord

No Nonsense Landlord — Sun, 15 Feb 2015 00:04:18 +0000

It seems like a great tool, but what about Experion and Equifax?

By: DC @ Young Adult Money

DC @ Young Adult Money — Sat, 14 Feb 2015 04:36:23 +0000

ShannonRyan Interesting question, Shannon, I did not think of that. I imagine the user would get a notification just like if anyone else tried to check their credit when it was locked? Thankfully this tool makes it easy to unlock your credit; in the past it wasn’t practical due to the very scenario you pointed out.

By: DC @ Young Adult Money

DC @ Young Adult Money — Sat, 14 Feb 2015 04:33:38 +0000

FrugalRules Thanks John. I think you’re right that for most people locking/unlocking was not a viable or realistic option because of the hassle that comes with getting it unlocked. It makes you wonder…is seeing your credit report once a year enough? I feel a post coming out of that question….

By: DC @ Young Adult Money

DC @ Young Adult Money — Sat, 14 Feb 2015 04:32:13 +0000

Debtfreemartini There’s a lot of companies out there that are offering to protect people these days. The interesting thing is I didn’t realize that you could “lock” your credit until I looked into this service. With that being said, it seemed like generally it did not make sense to lock your credit because of how difficult it was to lock/unlock your credit.