Daily Camera (Boulder)

Why you need to un­freeze your credit be­fore re­fi­nanc­ing

- BY MICHAELA PHILLIPS Business · Money Tips · Personal Finance · Lifehacks · Social Security · Society

Think­ing about re­fi­nanc­ing? In­ter­est rates are his­tor­i­cally low, so it could be an ex­cel­lent time to re­fi­nance your mort­gage. To en­sure a smooth ap­pli­ca­tion process, you’ll need to be sure to un­freeze your credit if it’s cur­rently frozen. If you need a re­fresher on a credit freeze (and how to un­freeze), here’s what you should know:

A credit freeze pro­tects your in­for­ma­tion

If you’re con­cerned about fraud­u­lent credit ap­pli­ca­tions, freez­ing your credit pro­hibits your credit in­for­ma­tion from be­ing ac­cessed. A credit freeze can pro­tect your credit re­ports even if some­one has ac­cessed crit­i­cal in­for­ma­tion such as your So­cial Se­cu­rity num­ber and birth­date. Plac­ing a freeze on your credit is free and does not af­fect your score. For those who are not ac­tively ap­ply­ing for a loan, new credit card, or plan­ning to re­fi­nance, freez­ing your credit to pro­tect your in­for­ma­tion is a smart move. How­ever, it’s im­por­tant to re­mem­ber your PIN or pass­word that you cre­ated to en­act the freeze.

How to un­freeze your credit

Be­fore you con­tact a lender to ap­ply for re­fi­nanc­ing, you’ll need to visit the web­site of each of the three credit bu­reaus and log in to un­freeze your credit. You may also con­tact the bu­reaus by phone or mail to un­freeze your credit. Re­vers­ing the freeze on­line or by phone takes just min­utes, but mail­ing in your form may take sev­eral days.

Ready to un­freeze your credit?

Here’s the con­tact info for each of the three credit bu­reaus:

Visit equifax.com or call 800.349.9960 Visit ex­pe­rian.com or call 888.397.3742 Visit tran­sunion.com or call 888.909.8872

Re­fi­nanc­ing is an ex­cel­lent op­tion that may help you re­duce your monthly pay­ments and save money in the long-term.

Michaela is the Vice Pres­i­dent of Mort­gage Lend­ing at Guar­an­teed Rate, Inc. Con­tact Michaela at e-mail michaela. phillips@rate.com or visit michae­laphillips.com. NMLS: 312874.

303.443.6292,

 ?? (Photo: Avery Evans, Un­splash). ?? To en­sure a smooth mort­gage ap­pli­ca­tion process, you’ll need to be sure to un­freeze your credit if it’s cur­rently frozen.
(Photo: Avery Evans, Un­splash). To en­sure a smooth mort­gage ap­pli­ca­tion process, you’ll need to be sure to un­freeze your credit if it’s cur­rently frozen.
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