October 25, 2024
Why You Should Freeze Your Credit
Have you ever gotten a letter saying your personal information was involved in a data breach? If so, you’re not alone—over 350 million people in the U.S. were affected in 2023! Companies advise changing passwords after a breach, but that may not be enough if sensitive information like your Social Security number or banking details have been compromised. Cybercriminals with access to this information can open credit cards or take out loans in your name. But what if you could do more to protect yourself? The good news is you can!
How Do I Protect My Identity?
It’s simple: freeze your credit.
Freezing your credit is the most effective way to secure your identity and financial information. Even if a cybercriminal has your personal data, a credit freeze can prevent new accounts from being opened in your name without your permission.
Freezing your credit is the most effective way to secure your identity and financial information.
How Do I Freeze my CREDIT?
Freezing your credit is a free and simple process that will only take you a few minutes.
Follow these steps:
Step 1: Set up an account with all three major credit bureaus: Equifax, Experian, and TransUnion.
Step 2: Freeze your credit with each credit bureau.
Step 3: Let the stress go because you are officially frozen!
No one can access your credit report after you’ve successfully frozen your credit with all three bureaus. Not even you! If you need to apply for a new line of credit—like a credit card or a loan—you can lift the freeze.
How Do You Thaw a Freeze?
Before you apply for a line of credit you need to lift your freeze! Don’t worry, it’s just as simple as placing a freeze. Log into each of the accounts you created to lift the freeze. Remember to login and freeze your credit again once your authorized credit check is complete. If you know how long you need your credit to be accessed by a lender you can schedule a “thaw” which only unfreezes your credit for a selected timeframe. The aim is to ice out any imposters trying to use your identity to open lines of credit. Freezing your credit keeps you in charge of when your credit is accessed, blocking any imposters from misusing your identity.
Why Should I Monitor My Credit?
Freezing your credit doesn’t mean you’re out of the woods. Credit monitoring services are a great addition to safeguarding your identity. Real-time alerts notify you of attempts to access your credit, ensuring you’re notified as soon as an identity theft is attempted. Look for a service that monitors all three major credit bureaus.
They will alert you to:
- Incorrect personal information.
- Unauthorized payments reported under your name.
- Credit checks by lenders you did not authorize.
- New accounts, such as credit cards, added to your credit report.
Key Points
- Credit Freezes are FREE
- They prevent new credit (like credit cards and loans) from being opened in your name.
- You can unfreeze your credit whenever needed.
- Monitor your credit to see inaccuracies and fraudulent attempts.
Taking these simple steps can significantly enhance your financial security. Don’t wait until it’s too late—freeze your credit and take control of your identity today!
More To Explore
Helpful Tips To Avoid Fraud During The Holiday Season
Check out a few tips to help keep your debit and credit card information safe, how to avoid money transfer scams, and advice about using public Wi-Fi when shopping.
How To Protect Your Internet Connection
October is National Cybersecurity Awareness Month. Learn how to protect your connection to the internet from threats that can compromise your personal information.
How to Protect From Phishing & Scam Attacks
Phishing is a type of social engineering attack often used to obtain sensitive information or data, such as usernames, passwords, and credit card details.
How to Secure Your Email & Online Profiles
Stay safe on the internet by protecting your personal information and locking down your email and online profiles with these six tips.
