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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.

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