Proactively Minimize Identity Theft Damage
I often get asked what someone should do to reduce their chances of becoming a victim of identity theft. Unfortunately, there is not a simple or single answer to this. Many different resources and tips are available. Two good examples are the U.S. Government and the Federal Trade Commission.
That said, the one piece of advice I often provide relates to protecting your financial identity so that an unauthorized individual cannot impersonate you and open a new line of credit or loan in your name. You can protect yourself by establishing a permanent credit freeze. A credit freeze restricts access to your credit report and does not allow any new credit or other loan-based accounts to be opened. Yes, that means when you need to open one of these accounts, you must temporarily unfreeze or thaw your credit just long enough for a credit check to occur. It is very easy to do and does not cost you anything to freeze your credit with each of the three major credit reporting agencies.
You cannot always control when your personal information is compromised, but you can minimize the damage to your identity if it is compromised. To learn more about placing or managing your credit freeze, please visit https://www.usa.gov/credit-freeze.
