Use "credit freeze" to protect credit rating?

AndrewBond

In the USA it's possible to protect your credit record by locking it (you use a PIN to unlock it only when you want to take out new credit).
- see /campaigns/learn_more/003484indiv.html on consumersunion.org

This doesn't seem to be possible in the UK yet - perhaps because the insurance companies have a vested interest...
see /submissions/credit-freezes-lock-the-fraudsters-out on howtoliveinthe21stcentury.org.uk
(how annoying it is not to be able to include a URL!!)

I was hoping to get Martin's opinion on this... but since there's no way here to contact him directly, let's see if this gets a discussion going! Does anyone know if this is coming?

Bob_the_Saver

Sounds a very good idea on the face of it, but more details would be good.
Doubt it would be welcomed in credit addicted Britain though.

PS. I owe £20 million on credit cards can I transfer this to a new 0% card?

udydudy

They have a similar system here though I have not personally used it as I felt it was worse. You can put a password on your file, I also believe a finger print but thats not been verified by me with the credit agencies. so that after the password on the account anyone wanting credit including yourself has to have access to that password.

The problem I had is that when you yourself apply for credit the person processing your file will ask for the password and you have to give the whole password not random letters. I felt this is highly insecure as once you have given it out to one person in full you have opened a can of worms where in if one person who you give to decides to use it fraudulently the lender/credit agencies will use it against you!!!!.

i.e they will say you gave ur password!!!. Just like chip n pin!!.