In the coming weeks and months, we expect to see a rise in consumers that have a “freeze” placed on their credit file from one, two, or all three credit reporting agencies. When a consumer places a freeze on one or more of their credit files, a PIN is issued and is required by the consumer to temporarily unlock the credit file.
A freeze typically prevents lenders or dealers from accessing a potential borrower’s credit report, although it doesn’t affect existing credit arrangements such as outstanding loans or cards. A freeze makes it unlikely a firm would immediately extend new financing, which, while helping prevent fraud could also slow legitimate business.
We realize consumers are going to need assistance and some consumers may forget that they placed the freeze or simply forget the PIN they used in the first place.
CBC provides the ability to temporarily lift a security freeze from a consumer's credit file from the CBC dashboard or from the bureau websites.
To temporarily lift a security freeze within CBC's portal:
From the toolbar click "Tools." On the drop down menu you will find "Lift Security Freeze." Once clicked, you will select a bureau, enter a PIN and run credit.
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