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Credit Freeze Is Best Protection Against Identity Theft

Monday, February 18, 2013 - 3:08 PM
From Clark Howard show notes:
When it comes to full-blown identity theft, only by doing a credit freeze can you protect yourself from the havoc a criminal may cause by opening new lines of credit in your name. A credit freeze costs anywhere from free to $10 per bureau depending on your state. And that makes it the cheapest insurance you can buy against identity theft.

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My main concern with a credit freeze is the extra hassles and cost that may be required for opening new bank accounts. You might need to thaw the freezes during the application process. Clark Howard's Credit Freeze and Thaw Guide has more details.
3
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Monday, February 18, 2013 - 4:09 PM
Thanks Ken. Is now a "sticky" in my favorites.
3
klinkklink101 posts since
Dec 8, 2012
Rep Points: 276
2. Monday, February 18, 2013 - 10:03 PM
Many banks/mortgage companies/employers, et. al. continue monitoring one's credit profile; freezing those files may cause unexpected results such as card cancellation, security clearance denial, delay/complication of job offer, and mortgage application rejection.

It is a bit drastic, IMHO.
5
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
3. Tuesday, February 19, 2013 - 2:38 PM
Before freezing your credit, there is the less drastic step of having a 90 day fraud alert placed on your credit reports. A lender or creditor is suppose to call you at the telephone number provided before looking at your credit. Although this is not ideal, it is less drastic than freezing your credit.
4
loulou553 posts since
Aug 3, 2010
Rep Points: 3,432
4. Tuesday, February 26, 2013 - 11:48 AM
If you are worry about your personal or financial information then i will suggest you to sign up with any identity theft protection organization. they will protect your personal or fiancial information and give you regular update about your information.
1
martinezrichardmartinezrichard6 posts since
Feb 26, 2013
Rep Points: 8
5. Friday, May 10, 2013 - 4:26 AM
If the damage to your financial standing and reputation caused by identity theft is extreme, then credit freeze is indeed the best protection against identity theft. However, you have to be prepared for the hassles to activate it and the fees that might be associated with it. Furthermore, a credit freeze may decrease your chances of obtaining loans and mortgages and might cause card cancellations. So, before you ask a bank to freeze your account, make sure that it is totally necessary. I suggest that you visit http://www.dailycreditmonitoring.com/7-methods-you-can-use-to-avoid-identity-theft/ to learn more how you can prevent identity theft.
1
amyjk5amyjk520 posts since
Mar 29, 2013
Rep Points: 25
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