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SCAMS BULETIN Host Jay White is an inactive attorney in San Mateo County, California.

March 24, 2021

FRAUD ALERTS AND CREDIT FREEZES

Looking for ways to protect your identity? Two options to consider are fraud alerts and credit freezes. But what is the difference?

A fraud alert notifies companies to verify your identity before granting new credit in your name. Usually, that means calling you to check if you are really trying to open a new account. Placing a fraud alert is easy – you contact any one of the three nationwide credit reporting agencies (Equifax, Experian, TransUnion) and that one must notify the other two. A fraud alert is free and lasts one year.

A credit freeze limits access to your credit report so no one, including you, can open new accounts until the freeze is lifted. To be fully protected, you must place a freeze with each of the three credit reporting agencies. You will usually receive a PIN or password to use each time you place or lift the freeze. A credit freeze is free and lasts until you lift it.

Which is right for you? It depends on your personal circumstances. Both fraud alerts and credit freezes can make it harder for identity thieves to open new accounts in your name. With a fraud alert, you keep access to your credit. But freezes are generally best for people who are not planning to take out new credit. Often, that may include older adults, people under guardianship, and children.

To place a fraud alert or credit freeze, use the credit bureau contact information listed below:

TRANSUNION.COM; EXPERIAN.COM; EQUIFAX.COM

ATTRIBUTION: US Federal Trade Commission http://www.ftc.gov.