Federal Law gives Consumers More Identity Theft Protection

Credit freezes and fraud alerts are finally free, thanks to a new federal law passed on September 21st, 2018. Credit freezes will be available to turn on and off without any fees. Also for fraud alerts it will last now for up to a whole year.

Credit Freezes

These security freezes protects your credit file from fraudulent actions, restricting thieves to open accounts under your name. The free freeze also applies to children under 16 years old. How does it work? Contact all three major credit reporting agencies: Equifax, Experian, and TransUnion. You may also download the app to your mobile phone for easier a way to add the freeze. Credit freezes that are requested online or by phone are done within 1 business day. By mail the credit bureaus have up to 3 days to place the freeze on your file.

Fraud Alerts

Fraud alerts notifies businesses that they should verify with you before opening a new account. The new federal law effective this month will permit fraud alerts for up to a year. These services are free for any identity theft victims and for people who would like to add extra protection to their credit files.

Benefits

The benefits of having either a credit freeze or fraud alert on your credit file is preventing identity theft. You may also opt-out from marketing credit card offers by visiting OptOutPrescreen.com. If you think someone has stolen your identity visit the FTC website, identitytheft.gov, to receive a personal recovery plan.

For more information or additional help check out My Financial Resources Center.

Comments

Life Doesn't Get Easier.

Life Just Doesn't Get Much Easier. Photo by Craig Adderley: https://www.pexels.com/photo/man-arranging-his-black-necktie-1605226/ A s we grow older, more responsibilities are added into our lives including financial obligations. We start to obtain more debt and then try really hard to minimize them. Over the years, we work so hard for atleast a decent retirement plan and at times it is actually without even opening an actual IRA account. On top of that, health becomes an increasing risk with expenses which no one ever talks about like the uncovered fees from a medical plan. Preparation and awareness seems to be the priorities of actions you may take to confront these challenges. Setting a financial plan may help assist with all the tasks that involves debt, retirement, and unexpected medical expenses. Hiring a certified financial planner could guide you with a personalized plan. Don't forget to analyze and compare products for your retirement such as ...

Applying for Credit Cards During the Holidays

Be careful when asking for credit! Many companies ask similar questions: "Do you have a card with us?", "Want to apply for our card and get 10% off your purchase today?" People do not realize what this could imply on their credit. They do not know that it affects their credit scores!

Credit is Future Money

There is a debt crisis and potential recession, yet credit seems to be the solution to our future's problems. A record high of $14 trillion in debt has been reported among students loans, credit cards, mortgages and other forms of debt. Since 2008, consumers has increased their debt by $1.3 trillion dollars. From that debt, $667 billion are late or delinquent. In addition, $424 billion of that debt are seriously delinquent by being 90 days or more late. Photo by Sharon McCutcheon on Unsplash Other debts included were: Student Loans = Increased by $1.5 trillion Credit Cards = Increased by $13 billion Mortgage = Owing $9.44 trillion Business debt is also historically high. Eventually, over 186,000 consumers filed for bankruptcy. As we know in personal finance, that is the last option to take. So, if there is no current money and only debt is left with more expenses then credit is the definite solution. We should see credit as "future money." It is there ...

Future Credit: From the Financial Planner's Desk

Search This Blog