“Apple fans who froze their credit after the Equifax data breach may end up with another hassle on their hands if they try to get one of the new iPhones that can cost more than $1,000,” Ken Sweet and Michael Liedtke report for The Associated Press. “People who did so and want to make any big purchase may find the same.”
“Since Equifax disclosed that 143 million Americans had their Social Security numbers and other personal data hacked, experts have encouraged people who may affected to put in place what’s known as a credit freeze,” Sweet and Liedtke report. “That locks down a person’s credit from being stolen by identity thieves — but could also mean delays and more fees for the Equifax victims who want to finance a new phone.”
“You can unfreeze your credit before a big purchase and freeze it again afterward. How long it will take and how much it costs vary state by state. Experts say generally it’s best to give the major credit bureaus — TransUnion, Experian and Equifax — notice of several hours or even a few days before you apply for financing,” Sweet and Liedtke report. “And people just getting used to the idea of freezing their credit could pay $3 to $10 for each action at each of the three bureaus… Citizens Financial Group, which runs the Apple financing program, said any new or existing customer who has a credit freeze on their information will be declined financing. So they would have to unfreeze their credit, at least temporarily.”
Read more in the full article here.
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