TIPS FOR PROTECTING YOUR IDENTITY AND YOUR CREDIT
In 2017, almost 17 million Americans fell victim to identity theft. This already daunting number is expected to increase by at least one million in 2018. Most victims of identity theft lose approximately $1,500 and spend months cleaning up the fraud. In order to avoid becoming one of these statistics, you may want to consider placing a fraud alert or credit freeze on your credit.
A fraud alert requires businesses to verify your identity before extending new credit. Usually, this means calling to confirm that you are in fact the individual attempting to take out new credit. Fraud alerts are free and automatically expire after 90 days. Beginning September 21, 2018, the fraud alert term is extended to one year. Fraud alerts can be renewed for as long as you want. Identity theft victims are entitled to an extended fraud alert period of seven years. You can place a fraud alert by contacting any one of three major credit reporting agencies (Equifax, Experian, or TransUnion), either by phone or online. The contact information for each of the credit reporting agencies is provided below. If you decide that placing a fraud alert is the best for you, you should mark your calendar to renew the alert upon expiration of the initial term.
With a credit freeze, no one (including you) can access your credit to open a new account unless the freeze has been temporarily lifted or permanently removed by you. You can only remove the freeze by contacting the credit reporting agencies directly, in writing (which can take some time). Prior to September 21, 2018, there is a fee for placing and removing a credit freeze, but after this date, credit freezes are free. If you elect to freeze your credit, you will still be able to borrow from existing lenders, but the agencies will not release your information to any new lenders or any other new entity attempting to check your credit. This means that you will have to contact the agencies to remove the freeze before applying for any new credit cards or loans or before applying for insurance, applying for a job, or renting an apartment.
To place a fraud alert, contact one of the credit reporting agencies. That agency will then notify the others.
Equifax: (800) 525-6285 or www.alerts.equifax.com
Experian: (888) 397-3742 or www.experian.com/fraud/center.html
TransUnion: (800) 680-7289 or www.transunion.com/fraud-victim-resource/place-fraud-alert
To place a credit freeze with the major reporting agencies, call each agency or visit their websites. Each credit agency has specific requirements for placing a credit freeze, so you should review the agencies’ information first.
Equifax: (800) 349-9960 or www.freeze.equifax.com
Experian: (888) 397-3742 or www.experian.com/freeze/center.html
Tra nsUn ion: (888) 909-8872 https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp
