In my prior post on protecting yourself from cybercriminals, I shared steps you can take to stay ahead of fraudsters trying to use your personal data against you and steal your identity. While all of those actions should be used to protect yourself, there is one action I recommend you consider implementing now:
Create a fraud alert or freeze access to your credit reports.
The action you choose depends on whether or not you discover your personal data has been compromised and plan to establish new credit accounts. To help you understand these options, I’ve created a two-page information sheet:
If you discover that your personal data has been leaked, then you should immediately place a fraud alert or freeze your credit reports. Which option you choose depends on credit needs. If you will need credit soon, like a credit card account or mortgage loan, then use fraud alerts. If you don’t have new credit needs, then place a credit freeze on reports, regardless of whether or not your information has been leaked. Many retirees, for example, no longer need new credit accounts and should have freezes on their reports. Remember, you can always temporarily unfreeze access to your reports while establishing a new credit account.
In addition to these protective measures, I also recommend that you monitor your credit reports regularly. Monitoring your credit reports is a proactive step towards maintaining a strong financial foundation. By staying vigilant and addressing any issues promptly, you can protect your credit and improve your overall financial well-being.
Check your credit reports from all three bureaus at least once a year, and use free credit monitoring services. This can help you not only detect fraudulent activity early, but also find and dispute errors on your reports.