Protecting Yourself from Identity Theft
Dear Worried Senior,
It’s natural to be concerned about the security of your personal information, especially with recent news about government agencies accessing sensitive data. While there’s no evidence that Elon Musk or the Department of Government Efficiency (DOGE) are involved in identity theft, it’s wise to take proactive steps to protect yourself.
The primary concern is that if your Social Security number, bank account information, or tax records are leaked or breached, it could lead to identity theft. Scammers could use your personal information to open credit card accounts, bank accounts, and other services in your name.
To protect yourself, consider placing a ‘fraud alert’ or ‘credit freeze’ on your credit file. A fraud alert notifies potential creditors to verify your identity before extending credit, while a credit freeze completely restricts access to your credit report, preventing new accounts from being opened without your authorization.
Understanding Fraud Alerts and Credit Freezes
A fraud alert is a notification on your credit report that requires creditors to take extra verification steps. It’s free, lasts for one year, and can be renewed. To set up a fraud alert, contact one of the three major credit reporting bureaus: Equifax, Experian, or TransUnion.
A credit freeze provides stronger protection by completely restricting access to your credit report. It’s also free and lasts until you choose to lift it. However, you’ll need to contact all three credit bureaus to set up a freeze, and you’ll need to temporarily lift it if you want to apply for new credit.
Setting Up Fraud Alerts and Credit Freezes
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
For a credit freeze, you’ll need to contact all three bureaus and provide required information. Remember to lift the freeze temporarily when applying for new credit.
Monitoring Your Credit Report
If you prefer not to set up a fraud alert or credit freeze, you can still protect yourself by regularly reviewing your credit report. You can obtain a free credit report each week from all three credit bureaus at AnnualCreditReport.com.
By taking these steps, you can significantly reduce the risk of identity theft and protect your personal financial information.
