Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Can you get frozen out of mortgage?

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August 03, 2005

Can you get frozen out of mortgage?

Some mortgage brokers say it is going to happen for sure with new credit report laws that are slowly but surely spreading over the country.

When you freeze your credit report, it is locked down. Sure, it can be unfrozen but it will take some time. May be a day, may be a few. Meanwhile if you are looking for a mortgage, perspective lender or mortgage broker can't pull your credit report. No credit report and FICO score means no mortgage. Well at least not on the best terms. Same goes about other big loans.

Read more at MarketWatch.

Consumers can still take advantage of credit report freeze and be able to have their credit scores ready just by a little advanced planning. So if you are looking for home mortgage or car loan, be prepared to unfreeze your frozen credit reports just slightly ahead of time.

 
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