No. You cannot get a mortgage with a credit freeze from any bank in Stillwater, MN, and Hudson, WI. It blocks your approval for a new loan, credit card, or mortgage with the bank in Stillwater, MN, and Hudson, WI.
In 2017, when the Equifax data breach occurred, it left roughly 145 million Americans with their personal information and credit data compromised, making them vulnerable to identity fraud and theft. Later, the U.S. credit bureaus (Experian, Equifax, and TransUnion) immediately saw a surge of consumers signing for credit freeze accounts.
Credit freeze protects you in fraud or identity theft cases but also raises your mortgage application rejection rates. In mortgage cases, creditors in Stillwater and Hudson routinely check your credit score and history before deciding on your application. A credit freeze restricts access to such information. Without a credit check, it is unlikely for any potential lender to extend credit or approve your mortgage application.
What
to do if you want a mortgage with a credit freeze?
You can request a 'temporary thaw' for new loans and credits by contacting the three major credit bureaus (Experian, Equifax, and TransUnion) separately. However, you have to pay a fee each time for your request that varies from state to state (Fee is usually between $3 to $10).
If you want a mortgage, you have to request a 'temporary lift freeze' for about two weeks to get your application processed. It is only for a specific timeframe that gets automatically reinstated at the end of the period. Remember, no hard inquiry can happen during a credit freeze. Therefore, even if your earlier mortgage application in Stillwater and Hudson got rejected during the credit freeze, you can reapply after lifting the freeze as it does not hurt your credit.
How to
check if your credit freeze status?
Equifax
If you have an account at Equifax.com, log in to your account and look at the tile on the upper right of the dashboard that contains the word 'Freeze.' Click on it to know your freeze status. If you don't have an account, call 800-349-9960 and follow the prompts to verify your identity. If your credit status is frozen, you get an option to unfreeze it, and if not, you will get to request a credit freeze.
Experian
On Experian to check your credit freeze status, search online for Experian's 'Security Freeze Center' page. Then select the 'retrieve my Personal Identification Number (PIN)' option. It takes you to a 'Request your PIN' screen. You can use the PIN to lift your credit freeze, and if it is already raised, a message will appear on it. If there is no PIN available, it means there is no credit freeze record, and you know your credit is not frozen. You can also call 888-397-3742 and follow the verification process to know your credit freeze status.
TransUnion
The fastest way to check your credit freeze status on TransUnion is to check online at the TransUnion website. Use your username and password to log in, and the credit freeze status will appear at the top of the page. It also has tabs to add or remove a freeze once you log in. You can also call 833-395-6933 and follow the verification process to know your credit freeze status.
Conclusion
Mortgage lenders in Stillwater and Hudson will check your credit before deciding on an application. If you want to get a mortgage with a credit freeze, take actions to lift or permanently unfreeze your credit temporarily.
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