Protecting Your Credit

You just found out that your information may have been included in a recent breach. Now what? There are several steps you can take to monitor your credit for fraudulent activity.

1. Stay Alert:
   • When notified of a data breach, take it seriously. Retain all breach-related documents and be aware that breaches may not be detected immediately.
   • Keep an eye out for unusual mail or emails, such as IRS tax notices or statements from unfamiliar lenders.
2. Secure Your Accounts:
   • Change passwords and PINs for accounts specified in the breach notification. Update other account passwords as well.
   • Avoid reusing passwords across multiple accounts. Consider using a password manager for stronger, unique passwords.
   • Activate two-factor authentication to add an extra layer of security.
3. Initiate a Fraud Alert:
   • Add a fraud alert to your credit reports (Experian, TransUnion, or Equifax). This alerts lenders processing credit applications that you may be a victim of fraud.
   • Before proceeding with any credit application, they’ll verify your identity.
4. Monitor Your Financial Accounts and Credit Reports:
   • Regularly review your bank and credit card accounts for any suspicious activity.
   • Take advantage of free weekly credit reports offered by Experian, TransUnion, and Equifax through AnnualCreditReport.com.
5. Freeze or Lock Your Credit File:
   • Consider placing a security freeze on your credit reports. This restricts access to your credit information, making it harder for fraudsters to open new accounts in your name.

Remember, acting promptly can significantly reduce the impact of a data breach on your credit and financial stability.

It is quicker to freeze or place an alert on your credit through the websites, however, if you prefer to call, the numbers to each bureau are listed below.

TransUnion:  1-800-916-8800

Equifax:  1-888-Equifax (1-888-378-4329)

Experian:  1-888-397-3742

The Importance of Freezing a Minor's Credit Report

Freezing a minor's credit report is of paramount importance in today's digital age where identity theft and fraud are rampant. Here are several reasons why freezing a minor's credit report is crucial:

1. Prevention of Identity Theft: Minors are particularly vulnerable targets for identity theft because their clean credit histories are attractive to fraudsters. By freezing their credit reports, you make it extremely difficult for identity thieves to open fraudulent accounts using their personal information.
2. Early Detection of Fraudulent Activity: Freezing a minor's credit report allows for early detection of any attempts to open unauthorized accounts or loans in their name. Without a freeze in place, these activities may go unnoticed until significant financial damage has occurred.
3. Protection of Future Financial Stability: Identity theft can have long-lasting consequences, potentially affecting a minor's ability to secure loans for education, housing, or other essential needs in the future. By freezing their credit report early on, you safeguard their financial stability and protect their future creditworthiness.
4. Legal Requirements: In some jurisdictions, freezing a minor's credit report may be required by law. Ensuring compliance with these regulations is essential for safeguarding the minor's personal information and financial well-being.
5. Peace of Mind for Parents/Guardians: Freezing a minor's credit report provides peace of mind for parents or guardians, knowing that their child's personal information is protected from unauthorized use. It's a proactive step toward securing their financial future.
6. Educational Opportunity: Freezing a minor's credit report also presents an educational opportunity to teach them about the importance of safeguarding personal information and being vigilant against identity theft. This early awareness can help instill good financial habits that they can carry into adulthood.

Every credit bureau has difference requirements to lock a minor's credit report. It is important that you research each bureau's criteria to get a full lock on your minors' accounts.