- What is a Credit Freeze? – A security measure that restricts access to your credit report, preventing lenders and others from viewing it to protect against identity theft and fraud.
- Unfreezing for a Business Line of Credit – When applying for credit, you can temporarily lift the freeze, and must verify your identity with Equifax, Experian, or TransUnion.
- Best Practices – Unfreeze before applying for financing and re-freeze after approval to maintain security, though Line of Credit Depot does not require a hard credit check.
What is a Credit Freeze?
In today’s digital age, identity theft and data breaches are becoming increasingly common. One way to protect yourself from this type of fraud is to use a credit freeze. A credit freeze, also known as a security freeze, is a tool that allows you to restrict access
to your credit report.
When you freeze your credit, no one, including you, can access your credit report without your permission. This means that lenders and other entities that check credit reports won't be able to see your credit history. When you apply for a Line of Credit, you will need to unfreeze your credit temporarily to allow a credit check, if required. A hard credit pull is NOT required here at Line of Credit Depot. Applying for credit will not affect your credit score.
How To ‘Unfreeze’ Your Credit for a Business Line of Credit
- Decide How Long You Want to ‘Unfreeze’ your Credit
When you unfreeze your credit, you have the option to unfreeze it temporarily or permanently. If you are planning to apply for a Line of Credit, it is recommended that you lift the freeze temporarily. A credit check is not necessary here at LOCD, as we make determinations based on other determining factors.
- Know Which Credit Bureaus You Have Frozen your Credit With
There are three major credit bureaus in the United States:
You may have frozen your credit with one or all of these bureaus, so it’s important to know which ones you need to unfreeze. You can check your credit freezer status by visiting each bureau’s website and following their instructions.
- Lift the Freeze on Your Credit by Verifying your Identity
When you decide to lift the freeze on your credit, you will need to provide some personal information to verify your identity, such as your name, SSN, and DOB. Once the credit bureau has verified your identity, you can continue to that bureau’s specific process for removing a credit freeze. Once you have received confirmation, you may continue to Apply for a Line of Credit. If you are already in the application process, contact your Financing Specialist that the freeze has been lifted.
We recommend that you remove the freeze before applying and place the freeze on your credit after you have received final approval and financing.
