High-stakes security breaches have made it more crucial than ever to watch your credit closely. It is a good idea to monitor your credit report at least annually. You can register for three free credit reports a year. The credit agencies have made it easier for us by creating one site www.annualcreditreport.com, where you can order your free credit report from all three agencies, Transunion, Experian, and Equifax.
If you want to monitor throughout the year, I would recommend spacing out each requested report, so you order one every 4 months, switching the agency each time to take advantage of your free reports. This will let you know if new credit has been opened-up under your identity. If you would like us to send you a reminder, just let us know.
The other two things that can be done as a precaution are setting a fraud alert or freezing your credit.
Fraud Alert: Fraud alerts are free and last for 90 days. You can continue to renew them. If you plan to go this route it is best to set a reminder for yourself to renew since they automatically expire. With a fraud alert, businesses can access your credit report, but they must try to verify your identity before extending new credit (such as a phone call).
Fraud alerts can be effective at stopping someone from opening up new credit, but they may not prevent the misuse of your existing accounts. You need to continue to monitor your statements. To establish a fraud alert, you can call any of the three major credit reporting agencies by phone or online. The agency you contact is required to notify the other two agencies. Contact Info: A) Experian: 888-397-37422 B) Equifax: 800-349-9960 C) TransUnion: 888-909-8872.
Credit Freeze: A credit freeze does exactly that, it freezes your credit. There is a typically a cost between $5-$10, and there can also be a cost to remove the freeze. A credit freeze typically stays frozen until you lift the freeze. You do have the ability to lift it temporarily as well. If you plan to need credit in the near future, a freeze can feel like a hassle. However, credit agencies must lift the freeze within three days of your request.
To place a credit freeze you must contact each of the three credit reporting agencies individually. You can use the contact info above.
