Jeff Donham, CFP®, CLU®
February 8, 2019
Identity theft affects nearly 60 million Americans, according to a 2018 Harris Poll with credit card fraud accounting for 33% of all identity fraud complaints. One way to protect your identity is with a credit freeze.
A credit freeze prevents unauthorized users from accessing your credit without your approval. It provides a major roadblock to any scammers trying to open a fraudulent credit account in your name.
Pros of freezing your credit:
Cons of freezing your credit
It is important to place the credit freeze with all three credit bureaus to be effective. You can unfreeze your credit at any time in the event you need access to it (i.e., home or car purchase, new credit card, etc.). You will be given a pin number that allows you to lift the freeze on your account.
Below are links to all three credit bureaus and their specific steps to freeze your credit:
While on their website, you can also get the information needed to freeze your minor’s credit report or an incapacitated adult’s credit report.