Ask Terry Questions How Does Credit Freeze impact existing bank accounts?

How Does Credit Freeze impact existing bank accounts?

By Terry Savage on September 27, 2018 | Credit/Debt

Thank you for addressing the new ctedit freeze/lift rules for credit cards. You mention the need to lift a freeze if you apply for a mortgage. However, for years now, banks have had a practice of periodically running credit reports on their CURRENT borrowers. Won’t a freeze prevent them from doing that?
I would prefer banks not be allowed to check credit once they make a loan. Afterall, banks survived quite well for decades with just an initial credit check, didn’t they?

Terry Says

I am not aware of any bank checking your credit –unless you apply for an extension of your credit card line, or want to refinance a mortgage. I don’t think there is an exemption for existing financial relationships if you put a freeze on your account.



a personal
finance question