Protecting Yourself from Identity Theft Scams
As concerns grow about the security of personal information, particularly with the Elon Musk-led Department of Government Efficiency (DOGE) accessing millions of Americans’ Social Security records, it’s crucial to take proactive steps to protect yourself from identity theft.
The primary concern is that if your Social Security number, bank account information, or tax records are leaked or breached, scammers could use this information to open credit card accounts, bank accounts, and telephone service accounts, or make significant purchases in your name.
To mitigate this risk, consider placing a ‘fraud alert’ or, more effectively, a ‘credit freeze’ on your credit file.
Understanding Fraud Alerts and Credit Freezes
- Fraud Alert: Notifies potential creditors to verify your identity before extending credit in your name. It’s free and lasts for one year, with the option to renew.
- Credit Freeze: Completely restricts access to your credit report, preventing new accounts from being opened without your authorization. It’s also free and remains in place until you choose to lift it.
Setting Up a Fraud Alert
To set up a fraud alert, contact one of the three major credit reporting bureaus:
- Equifax: 800-685-1111 or Equifax.com/personal/credit-report-services
- Experian: 888-397-3742 or Experian.com/help
- TransUnion: 888-909-8872 or TransUnion.com/credit-help
You’ll need to provide identification and contact information. The bureau you contact will notify the other two.
Setting Up a Credit Freeze
To set up a credit freeze, you’ll need to contact each of the three credit reporting bureaus individually. You’ll need to provide your personal information, including your Social Security number, and follow their specific procedures.
While a credit freeze offers stronger protection, it requires more effort to lift temporarily when you need to apply for new credit.
Monitoring Your Credit Report
If you choose not to set up a fraud alert or credit freeze, regularly reviewing your credit report is essential. You can obtain a free credit report each week from Equifax, Experian, and TransUnion by visiting AnnualCreditReport.com.
By taking these steps, you can significantly reduce the risk of identity theft and protect your financial well-being.
