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Identity theft is a prevalent issue that can have devastating consequences on your financial well- being. Criminals can use your personal information to open fraudulent accounts, accumulate debt, and ruin your credit score, causing havoc that can take years to repair. In today's digital age, protecting your identity is more crucial than ever.
A credit freeze is a powerful tool that can help safeguard your personal information and prevent unauthorized access to your credit reports. By implementing a credit freeze, you can significantly reduce the risk of identity theft and its damaging effects.
The Benefits of a Credit Freeze:
- Prevents third parties from accessing your credit reports
- Deters identity thieves from opening fraudulent accounts in your name
- Doesn't affect your credit score or existing accounts
- Provides peace of mind and an extra layer of security
How to Freeze Your Credit:
Freezing your credit is a straightforward process, but it requires contacting each of the three major credit bureaus: Experian, Equifax, and TransUnion. Here's what you need to do:
- Gather the necessary information: your name, address, date of birth, and Social Security number.
- Contact each credit bureau individually:
- Experian: 1-888-397-3742 or www.experian.com/freeze
- Equifax: 1-800-349-9960 or www.equifax.com/personal/credit-report-services
- TransUnion: 1-888-909-8872 or www.transunion.com/credit-freeze
- Follow the prompts to request a credit freeze and provide the required information for verification purposes.
- Keep the PINs or passwords provided by each bureau, as you'll need them to temporarily or
permanently lift the freeze in the future.
Remember, credit freezes are complimentary for U.S. residents, but they do require some administrative work.
When to Consider a Credit Freeze
It's advisable to freeze your credit if you notice any of the following signs of potential identity theft:
- Receiving mysterious bills under your name or someone else's name
- Seeing new inquiries or credit accounts on your credit report that you didn't initiate
- Your bank informs you of fraudulent activity on your account
- You're a victim of a data breach involving your personal information
Considering a Fraud Alert
If you suspect your information is at risk but haven't experienced identity theft, you may consider placing a fraud alert instead of a credit freeze. Fraud alerts prompt lenders to verify your identity before opening new accounts while allowing you access to credit.
There are three types of fraud alerts:
- One-year fraud alert
- Extended fraud alert (7 years)
- Active-duty alert: for those on active military duty (1 year
Fraud alerts are free, and placing one with one credit bureau automatically notifies the other two. You'll need to call all three credit bureaus to cancel a fraud alert before its set time.
How IDShield Can Help
IDShield’s licensed private investigators (LPIs) can assist in placing a credit freeze and/or fraud alert on your credit reports in the event of a breach or other identity theft incident. If your identity is stolen, the LPI will issue fraud alerts to all three credit bureaus and with reporting agencies and creditors as needed to do whatever it takes for as long as necessary to restore your identity to full pre-theft status.
Safeguard your identity with monitoring alerts from IDShield. If enrolled, download the mobile app so you can receive alerts wherever you go. If you still need to enroll, consider doing so at your next opportunity.