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By Pam Leibfried
I’ve been part of a couple of retailer and insurer database breaches, so I know that I may now be at a higher risk of having my identity compromised or being a victim of credit fraud. Two ways that I can protect myself are by using fraud alerts and credit freezes.
Here’s a simple summary of what these credit protection options do and how they differ: A fraud alert allows creditors to get a copy of your credit report after they take steps to verify your identity, while a credit freeze locks down your credit.
What a fraud alert does. A fraud alert notifies potential creditors that you believe you are at risk of identity theft. When you have an active fraud alert, the credit reporting companies must contact you to confirm than any request for your credit information (for a loan, credit card, apartment rental, job application, etc.) is legitimate. This makes it much more difficult for a fraudster to use your identity to open new lines of credit in your name. On the other hand, it can also delay the approval process when you apply for credit or a job.
What a fraud alert DOESN’T do. Although a fraud alert can stop someone from opening new lines of credit in your name, it does not protect you from fraud related to existing accounts. For example, a fraud alert makes it harder for thieves to open a fraudulent credit card, but would not stop them from making fraudulent charges on an existing credit card if that account information were compromised. This is why it is important to continue to diligently monitor your accounts even after you enact a fraud alert.
Only one fraud alert request is required. When you set up one of these alerts with any one of the three major credit reporting companies (Equifax, Experian or Transunion), that company will automatically inform the other two to add an alert; you do not need to contact each of the three companies separately.
Cost: Fraud alerts are free.
Types of fraud alerts. There are three types of fraud alerts:
What a credit freeze does. A credit freeze (aka security freeze), lets you restrict access to your credit report. This makes it less likely that identity thieves could open new accounts in your name. Because most creditors want to see your credit report before they approve a new account, keeping them from accessing your account may stop them from extending credit if a fraudster applies for it using your information. When you want to allow someone to access your credit report – when you apply for a loan or job, for example – you can contact the credit reporting companies to temporarily lift the freeze and allow access to your credit report.
What a credit freeze DOESN’T do. A credit freeze does not stop a thief from using a stolen credit or debit card number, so you still need to monitor your accounts just like you did before you set up your credit freeze.
Three requests are required. Because credit freezes are so much more limiting than fraud alerts, you can’t enact credit freezes with a single request to one of the credit reporting companies. Instead, you need to file a request at each of the big-three credit reporting companies: Equifax, Experian and Transunion. If you file a credit freeze request with only one credit reporting company, any fraudster who applies with a creditor who uses the others may still be able to open credit, so it is crucial that you request a credit freeze with all three companies if you choose this option.
Credit freezes are free. Although there used to be fees to freeze your credit, as of late in 2018, federal law has mandated that credit freezes are free. To learn more about credit freezes under the new law, check out our blog article on the new credit freeze law.
Pam Leibfried is a marketing content specialist whose love of words led to a writing and editing career. After a brief stint teaching English, she transitioned to corporate communications and spent 20 years at The Nielsen Company before joining Alliant’s content development team. Early in her work life, Pam’s friend Matt explained the benefits of a 401(k) and her dad encouraged her to start a Roth IRA. Their good counsel prompted her to prioritize retirement savings, which just might enable her to retire early so she can read more and live out the slogan on her fave T-shirt: “I have a retirement plan: I plan on quilting.”