analyst Ramon Llamas called them "critical." Moorhead expects virtually everyone interested in the new iPhone X to use an installment plan.Īpple rolled out its program two years ago that lets customers upgrade to a new phone each year and divides the cost of the phone into a monthly payment. T-Mobile's website says it runs credit checks but it did not respond to questions about its policy.Īnalysts say two-year financing plans have become essential to selling high-end smartphones. Sprint, Verizon and AT&T run credit checks with the agencies for new customers. So they would have to unfreeze their credit, at least temporarily. "But if you are someone who has frozen their credit record, you may suddenly discover that you can't afford an iPhone X, after all," said Patrick Moorhead, an industry analyst with Moor & Insights.Ĭitizens 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. And Apple and the wireless carriers often need access to your credit report in order to approve the sale of a new phone under a monthly plan. Payment plans are a growing business for the major wireless carriers, many of which no longer subsidize a customer's purchase, because a monthly payment makes an expensive smartphone more affordable.
The new iPhone X is displayed during an Apple special event at the Steve Jobs Theatre on the Apple Park campus on Septemin Cupertino. 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. 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. How long it will take and how much it costs vary state by state. You can unfreeze your credit before a big purchase and freeze it again afterward. 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. 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.
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