Sentences with phrase «lender open accounts in their names»
«In order to have a U.S. credit history, they must have a U.S. lender open accounts in their names and subsequently report those account to Experian,» explains Griffin.
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When you or someone else attempts to open a credit account in your name, increase the credit limit on an existing account, or obtain a new card on an existing account, the lender should takes steps to verify that you have authorized the request.
A credit freeze prevents new lenders from pulling your credit report, essentially making it impossible for some nefarious person to open a fraudulent credit account in your name.
If a lender can't see your credit report, there's no way they'll be willing to offer you a loan, so anyone trying to open an account in your name will be unsuccessful.
Credit bureaus will open a legitimate credit file in your name when a bank, credit card company or other lender reports that you've had an active credit account for at least six months.
If you've placed a freeze on your three credit reports and an identity thief tries to open a fraudulent account in your name, the lender who attempts to process the phony application wouldn't be able to access your credit report; they'll get a message back that your report has been frozen.