Q&A: When your credit gets frozen

Q: I am trying to refinance my home, and my lender says my application is in limbo because my credit is "frozen." What's the deal?

The downside is that it takes all three credit bureaus' consent to "thaw," or unwind, the security freeze before a combined, three-credit-bureau report can be prepared. Such a three-credit-bureau report is essential to the residential mortgage underwriting process. Unwinding the freeze is not an instant process, and typically takes more than a week. Check in advance about your state's particulars about the process (eligibility, cost, instructions, etc.) so a refinance will not be delayed.

Send your money management questions to [email protected] (please include your regular postal address). Answers to our readers' questions were provided by Steve Austin (left), executive vice president of Commerce Bank in Tulsa, Oklahoma.