![]() ![]() Securities offered through Securities Service Network, LLC. Be sure to take advantage of this law and regularly check your credit reports for any discrepancies. ![]() Consumers are allowed one free credit report from each of the credit reporting agencies every year. You should, however, continue to keep an eye on your credit. It may take a few days for the freeze to be lifted, so be sure to initiate it a few days in advance of any deadline you are trying to meet.įreezing your credit will provide peace of mind when you hear of the latest data breach. This can be done online or over the phone. To lift your freeze you simply contact the bureau used by the lender and provide your PIN to lift the freeze for a certain period of time. Previously, the cost of freezing and unfreezing your credit varied from $0 to $10 per action depending on your state of residence. You can freeze your credit by using the following phone numbers and websites:Įquifax: 86/ Experian: 88/ Transunion: 88/ As of Septemcredit freezes are free for residents in all 50 states. You will be asked some questions to confirm your identity, but it only takes a few minutes. This process can be done online or over the phone. To set up a security freeze, you must contact each of the credit bureaus individually. Unlike credit monitoring or fraud alerts, a security freeze stops identity theft from happening rather than alerting you to fraud after it has occurred. That is not convenient, so avoid this approach.Ī security freeze gives you complete control of your credit file and is the absolute best way to protect your credit and identity. A fraud alert, however, expires after 90 days and needs to be continuously renewed. A fraud alert can be placed on your account following any fraudulent activity and requires a business to verify your identity before issuing any new credit. The other option, fraud alert, offers more protection than credit monitoring but does not provide you with full security. LifeLock alerts you after an identity theft has occurred instead of preventing it from happening. ![]() The same is true for LifeLock, a company that has been repeatedly fined by the government for unfair and deceptive trade practices. You’ll still have to put in the time to get your file corrected. That is not good protection against identity theft. Instead, they alert you of a potential fraud after the fact-if their monitoring claims hold true. Credit monitoring does not stop a thief from opening a new account in your name. It is imperative that you freeze your credit immediately at the big three credit bureaus-Experian, Equifax, and TransUnion.Ī security freeze offers greater protection than the highly advertised credit monitoring and fraud alert. That PIN must be used in order for anyone to access your credit file or add new credit in your name. A security freeze locks your credit file at each bureau with a special PIN that only you know. ![]() A hacker can use that data to steal your identity and obtain new credit without your knowledge. Given the sheer number of recent data breaches, it’s very likely that your personal information-name, birthdate, Social Security number-has already been exposed. It makes it easy and quick to obtain new lines of credit-you fill out an application, the lender checks your credit, and you’re approved if you meet the standards. By default, your credit files at Experian, Equifax, and TransUnion are open and unsecure. The credit agencies have been reluctant to share this fact because it disrupts the low-friction credit system. You can with something called a credit freeze or security freeze. After each new “unprecedented” hack, you’re rushed into a free credit monitoring program that promises to watch your files and alert you to any unusual activity.īut is that enough to truly keep you safe? Shouldn’t you be able to stop criminals from fraudulently opening new credit rather than being alerted after the fraud has taken place? The headlines come at us constantly-143 million records leaked at Equifax, one billion exposed in a Yahoo breach, and 110 million records compromised at Target. Learn about a simple step you can take to protect your identity today. The latest data breach may have you worried about your personal information. ![]()
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