Protecting Your Identity for Free: A Quick and Easy Guide

Welcome back to our "Tips and Tricks Tuesday" series, which highlights articles around a monthly theme. November's theme is "How to Be a Better Me." Read on for tips and tricks on being your best self:

In an age where our personal information is more vulnerable than ever, it's crucial to take proactive steps to safeguard your financial well-being and personal privacy. Particularly when it's FREE and takes less than hour! One powerful tool in your arsenal against identity theft is placing a credit freeze with the three major credit bureaus: Equifax, Experian, and TransUnion. In this article, we will guide you through the process of placing a credit freeze and provide you with essential tips to fortify your financial security.

What Is a Credit Freeze?

A credit freeze, or security freeze, is a FREE option that lets you limit unauthorized access to your credit report, preventing others from opening accounts in your name. You'll need to "thaw" or lift the freeze each time you apply for credit; however, many people feel the benefits outweigh the small inconvenience. There are also paid credit "lock" subscriptions available including a number of identity theft protection tools. Overall, both credit freezes and credit locks can be effective tools for protecting your identity and the choice between the two depends on your personal preferences and needs.

Why Should You Consider a Credit Freeze?

• Protection Against Identity Theft: A credit freeze is one of the most effective ways to prevent identity thieves from using your personal information to open new credit accounts, loans, or credit cards in your name.
• Peace of Mind: Knowing that your credit is locked down adds a layer of security, reducing the risk of unauthorized financial activities on your behalf.
• FREE and EASY: Placing and lifting a credit freeze is a straightforward process, and it's typically free of charge.

How to Place a Credit Freeze

1. Contact the Three Major Credit Bureaus: Visit the official websites of Equifax, Experian, and TransUnion to initiate the credit freeze process. You can also call their respective toll-free numbers or request it by mail.

2. Provide Necessary Information: You will need to provide personal information such as your full name, date of birth, Social Security number, and address. Be prepared to verify your identity.

3. Receive Your PIN: Once the freeze is in place, each bureau will provide you with a unique PIN or password. Keep these in a secure location as you will need them to temporarily lift or remove the freeze.

4. Monitor Your Credit: Regularly check your credit reports for any suspicious activity. You can still access your own credit reports while the freeze is in place.

Quick Resources for a FREE credit freeze:

• Equifax Consumer Service Center or call 800-349-9960
• Experian Credit Freeze or call 888-397-3742
• TransUnion Credit Freeze or call 888-909-8872

At a minimum, freezing the three major bureaus should be a top priority; however, there are a few lesser-known organizations worth considering.

• ChexSystems is a service many banks use when checking credit before opening new bank accounts – ChexSystems Online Security Freeze or call 800-428-9623
• Innovis is another credit bureau many consumers miss when freezing credit reports – Innovis Online Security Freeze or call 866-712-4546
• National Consumer Telecom & Utilities Exchange (NCTUE) is a credit reporting agency association within the utility industry – NCTUE (Exchange Service Center) Online Security Freeze or call 866-349-5355

Tips for Maintaining a Credit Freeze

• Keep Your PINs Secure: Never share your PINs with anyone you don't trust implicitly.
• Plan Ahead: If you intend to apply for credit, loans, or open new accounts, temporarily lift the freeze beforehand. This can usually be done quickly online or over the phone.
• Stay Informed: Stay updated on the latest developments in identity theft protection and credit reporting regulations.
• Review Your Credit Reports: Regularly review your credit reports for errors or discrepancies. You can obtain a free credit report from each bureau once a year at AnnualCreditReport.com.
• Consider a Credit Monitoring Service: These services can alert you to any suspicious activity on your credit reports, providing an added layer of security.

Don't be one of the 40 million U.S. adults affected by identity theft every year. It can take months and years to fully recover financially from identity theft – don't wait until it's too late! By taking these steps to protect your credit, you can significantly reduce the risk of falling victim to identity theft.

TrustFunds cares about the financial health of you, your business, and your clients! Share TrustFunds handy Protect Yourself from Identity Theft Flyer with your colleagues, friends, and family.

TrustFunds is dedicated to simplifying, securing, and bridging digital gaps in the real estate industry, by streamlining the earnest money process. To learn more about TrustFunds and its services, please visit their website at trustfunds.us.com.