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It’s possible to use a “ready-made” score that incorporates alternative data if the lender chooses to layer this into their process. To use alternative data, lenders must first obtain it, and then incorporate it into their models and loan-approval decision process. There is a large market of people needing to be served, mainly those who have been left out of the traditional financial system. Using these alternative data sources may give lenders a more robust picture of a borrower’s financial standing than a credit score alone.Įxtending credit to those with low - or no - credit scores - when done intelligently and with alternative data, opens up a new wave of potential borrowers and lending opportunities. For these individuals, alternative data might be the only way to gain access to loans. A lender might be unlikely to approve an applicant based on a credit score of 600 alone but on-time utilities payments may be good indicators of repayment likelihood and could potentially change that decision in the borrower’s favor.Īlternative data also comes into play with credit invisibles, or people lacking a credit report or credit score. Incorporating alternative data such as on-time utility payments can help reveal a more holistic picture of a borrower’s finances and help open new markets for lenders. If renters reliably pay utilities, they don’t always have the benefit of having that reflected in their credit scores. As card utilization rates and delinquencies increase, lenders need to leverage alternative data and different scoring methods to help identify new opportunities.įor example, in the U.S., 44 million households rent their homes. In fact, our recent data at Equifax shows that card utilization rates are increasing alongside increases in delinquency rates. You'll get a mailed response about whether your freeze was successful, along with a PIN if it was.Increasing inflation, rising interest rates and stagnant incomes have made borrowing more expensive and meeting financial commitments more difficult. Send the whole thing (we recommend certified mail) to:

#Equifax lift credt freeze license

Include copies of a driver's license or state ID card AND a utility bill or bank statement.

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Write a business letter including your full name, date of birth, Social Security number and any address at which you have lived in the past two years.

#Equifax lift credt freeze how to

How to set up a credit freeze with Experian by mail You can choose a PIN or have one generated for you.

You'll have to provide your name, address, date of birth and Social Security number and answer a set of identity-verification questions. How to set up a credit freeze with Experian by phoneĬall Experian at 888-EXPERIAN (88). Once Experian is satisfied that you are you, you'll be told that the credit freeze has been added. They're the same kind of questions you get when you're trying to get a free annual credit report.

#Equifax lift credt freeze verification

You'll get the option of choosing your own PIN or having one generated for you.Ĭlick the button marked 'Submit' and you'll have to answer some verification questions, such as whether you lived at a particular address or ever had an account with this or that firm. Then fill out the online form, which will ask for your full name, current street address, Social Security number, date of birth and email address. Go to and click on 'Add a security freeze,' then 'Freeze my own credit file.'