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Q&A: When your credit gets frozen

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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?

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?

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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 memoney@advanstar.com (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.


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