Should You Proactively Freeze Your Credit Report?
The credit-monitoring services offered to data-breach victims and other concerned consumers do nothing to prevent identity theft; they only detect certain types of fraud after it has occurred.
That’s why some experts, including the U.S. PIRG consumer group, are advising more proactive use of the security freeze, also known as a credit freeze. A PIRG report explains that the freeze is the only security measure that can prevent new account identity theft.
How it works
A security freeze works by preventing a consumer’s credit report from being shared with potential new creditors, such as banks or credit card companies. Most creditors will simply not issue credit if they cannot see the applicant’s credit report or score derived from it.
While it may sound odd, some experts are advising consumers to place security freezes with the three major national credit bureaus until they want to apply for credit, at which time they can unfreeze or “thaw” their reports.
The PIRG report does the following:
Explains the best steps you can take against new-account financial identity theft.
Outlines the process of freezing and temporarily unfreezing reports when you need new credit.
Warns consumers about “phishing” and social engineering schemes used by thieves trying to obtain more information from breach victims, or any consumer, to enable more complex forms of identity theft.
Warns of newer types of identity theft and additional harms enabled by breaches of health insurance companies (theft of medical services), the IRS (theft of tax refunds), and the Office of Personnel Management (new account identity theft and reputational harm).
So are you a candidate for a security freeze? Perhaps, especially if your identity has been compromised fairly recently and you fear criminals will continue to commit fraud using your personal information.
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