We regularly hear about data breaches. You’ve probably received a notice that your personal information may have been compromised and encouraging you to protect it. Usually in that data breach notice you are offered free credit monitoring for a period of time.
There are some concerns about credit monitoring services. You will be opening up your credit information to a 3rd party to monitor. If that company has a breach, your information will be at risk again.
Credit Freeze
You can bypass the credit monitoring and simply put a credit freeze in place. A credit freeze essentially freezes out any new credit applications. This is one way to avoid being an identity theft victim. By stopping any new credit applications no one – not even you – can get new credit.
When you want to get new credit, you can unfreeze your reports. It takes a couple of minutes on the computer or phone, and you can unfreeze temporarily or permanently.
Fraud Alert
If you are already a victim of identity theft you may put a fraud alert on your credit report. This will alert any new credit issuers that you have been a victim, and they should then ask for additional information to prove the new application is actually you. A fraud alert lasts one year. After one year you will need to request a new alert.
Credit Lock
Also available are credit locks. They work much like a credit freeze but there may be a fee involved. It varies from credit bureau to credit bureau. Credit freeze is free thanks to legislation in September 2017.
If you’d like to learn more about fraud alerts, credit locks, & credit freeze, there is an upcoming webinar available for free. You can register at https://www.eventbrite.com/e/protecting-your-personal-information-tickets-1207902542019?aff=oddtdtcreator
Great reminder thanks.
Thanks for this. It is to the point and easy to understand.