There is a new lawsuit against a company called National Public Data (NPD) claiming hackers accessed billions of individuals social security numbers. In addition to social security numbers, the lawsuit says they also got the full name, address, date of birth, phone number, current and past addresses and the names of siblings and parents. That is a lot of information about a person for hackers to access and obtain. About 2.7 billion files have been stolen by these hackers.

In today’s digital age, protecting your financial information has never been more crucial. One of the most effective ways to safeguard your credit from identity theft and fraud is by freezing your credit. This article will walk you through freezing your credit and explain why it might be a wise decision for you.

What Is A Credit Freeze?

A credit freeze, also known as a security freeze, is a tool that allows you to restrict access to your credit report. When your credit is frozen, potential creditors cannot access your credit report unless you lift the freeze temporarily. This makes it significantly harder for identity thieves to open new accounts in your name because most lenders require access to your credit report to approve new credit.

Why Should You Freeze Your Credit?

Here are several compelling reasons to consider freezing your credit:

1. Protection Against Identity Theft:

   Identity theft is a growing concern, with millions of individuals falling victim each year. By freezing your credit, you reduce the chances of thieves opening new accounts in your name, which could lead to significant financial loss and damage to your credit score.

2. Peace of Mind

      Knowing that your credit report is locked down can provide peace of mind, especially if you’ve recently been a victim of a data breach. It adds an extra layer of security to your personal information.

3. No Impact on Your Credit Score:

      A credit freeze does not affect your credit score. You can still access your free annual credit report, and existing creditors can still report payments and balances, so your credit history will continue to be updated as usual.

4. Control Over Your Financial Future:

      With a credit freeze in place, you maintain control over your credit. If you need to apply for new credit, you can temporarily lift the freeze to allow creditors access, and then re-freeze it afterward.

How To Freeze Your Credit

Freezing your credit is a straightforward process, but it requires action on your part with each of the three major credit bureaus: Equifax, Experian, and TransUnion. Here’s how you can do it:

1. Contact the Credit Bureaus:

   You need to contact each of the three major credit bureaus individually. This can be done online, by phone, or by mail.

   Equifax

   – Online: Equifax Credit Freeze
   – Phone: 1.800.349.9960
   – Mail: Equifax Security Freeze, P.O. Box 105788, Atlanta, GA 30348-5788

   Experian

   – Online: Experian Credit Freeze
   – Phone: 1.888.397.3742
   Mail: Experian Security Freeze, P.O. Box 9554, Allen, TX 75013

   TransUnion

   – Online: TransUnion Credit Freeze
   – Phone: 1.88.909.8872
   – Mail: TransUnion LLC, P.O. Box 2000, Chester, PA 19016

2. Provide Your Informaton:

   When freezing your credit, you will need to provide personal information, including your name, address, date of birth, Social Security number, and possibly proof of identity. This information helps the credit bureaus verify your identity and process the freeze.

3. Receive A PIN Or Password:

   After you freeze your credit, each credit bureau will provide you with a PIN or password. This is important because you’ll need it to lift the freeze temporarily or permanently if you apply for new credit.

4. Lifting The Freeze:

   If you need to apply for credit or a loan, you can lift the freeze temporarily by using your PIN or password. This can be done online, by phone, or by mail, and usually takes just a few minutes to process. After your application is approved, you can re-freeze your credit.

Cost And Duration Of A Credit Freeze

As of 2018, under federal law, freezing and unfreezing your credit is free in all 50 states. A credit freeze remains in place until you choose to lift it, and there’s no expiration date. You can keep your credit frozen for as long as you like.

Additional Recommendation To Protect Your Information

Password Manager – A password manager like Bitwarden can help you store your usernames and passwords to accounts with sensitive information, keeping them safe and secure. You can also use this to keep your PIN and Password for your credit freeze safe and secure.

Multi-Factor Authentication (MFA) – When it comes to your bank accounts, investment accounts, credit card online accounts, and emails, we recommend Multi-Factor Authetication also known as Two-Factor Authentication (2FA) to help provide extra security and make it harder for hackers to access your accounts. Here is an article to help you understand MFA or 2FA Better.

We can help setup MFA. Contact us today to learn more or help getting started.