New Law Makes Credit Freezes Free

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• A credit freeze locks your credit file, which makes it harder for identity thieves to open new accounts in your name. You will get a PIN to use so you can unfreeze your account to apply for new credit, and then freeze it again.
• Alternatively, you can place a “fraud alert” on your reports that will require any business that runs your credit to contact you before opening a new account. These alerts used to last 90 days, but the new law extends them to one year.

What You Should Know:

• A credit freeze is an important tool to deter scammers from opening future accounts in your name, but it doesn’t stop thieves from getting into your current financial accounts and wreaking havoc.
• To keep close tabs on banking, credit and other financial accounts, set up online access (on the internet or through the institution’s app if you have a smart phone) to monitor your accounts regularly.

What You Should Do:

• Follow the steps here to freeze your credit and the credit of each adult in your household. If you have children under the age of 16, consider freezing their credit, too, until they are old enough to use credit.

When it comes to fraud, vigilance is our number one weapon. You have the power to protect yourself and your loved ones from scams. Please share this alert with friends and family.

 

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