Starting September 21, 2018, a new federal law has made credit freezes and year-long fraud alerts available for free. Here’s what you need to know:
Free Credit Freezes: Credit freezes prevent unauthorized access to your credit reports, thereby making it difficult for identity thieves to open accounts in your name. Now, everyone can place or remove a credit freeze at no cost. This also applies to children under 16 or those under guardianship, conservatorship, or with a valid power of attorney.
To activate a freeze, you’ll need to contact Equifax, Experian, and TransUnion directly. Online or phone requests for freezes must be enacted within one business day by the agencies, and within one hour for requests to li$ the freeze. Mail requests are processed within three business days of receipt. Remember, li$ing a freeze temporarily is also free of charge.
It’s important to distinguish between a freeze and a lock; the latter may incur monthly fees. For a cost-free option backed by federal law, choose a freeze.
Year-long Fraud Alerts: Fraud alerts now last one year instead of 90 days, alerting businesses to verify your identity before opening new accounts in your name. These alerts remain free, and victims of identity theft are eligible for an extended seven-year alert.
Special Provisions for Military Members: Military personnel can still utilize active duty alerts for one year, extendable for the duration of deployment. This also removes your name from marketing lists for pre-screened credit offers for two years, unless you opt back in.
To set up a fraud alert or active duty alert, contact any one of the three major credit bureaus, and they will inform the others. Links to their websites can be found easily online.
If You Encounter Issues: Should you face any difficulties in placing a credit freeze or fraud alert, you can lodge a complaint online or call 855-411-2372. If you suspect identity theft, the FTC’s website offers a personalized recovery plan to guide you through the necessary actions.
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