Seniors should freeze credit reports
The Federal Trade Commission has alerted consumers to 6 types of scams ranging from identity theft to “You’ve Won” scams on its “Pass it on” site. Web page and provides people with advice on how to avoid these forms of elder abuse and what they can do if they have experienced this abuse. I want to focus on one proactive step seniors can take to thwart identity theft, which is to freeze the security of their credit reports.
Safety gel puts you in control
The 3 main consumer reporting agencies for credit are Equifax, Experian and TransUnion. You must contact all 3 agencies to place security freezes on your credit reports. Freezes prevent new services or loans from being taken out on your behalf. If you need to apply for credit, you must remove the security freeze from your report so that a lender can review your credit history as part of their decision to approve a loan. This will slow down the approval process for a new loan.
Often free for seniors
There are fees for placing a security freeze on your credit report and these fees may vary by state. In my state of Pennsylvania, the fee is $10 plus tax, but seniors age 65 or older may qualify for a freeze fee waiver. Victims of identity theft who submit a valid police report number may also be eligible for a fee waiver.
All 3 credit bureaus have information on their websites showing fees by state. Although the security freeze fee may be waived, a fee may still be charged to temporarily lift the freeze, remove it permanently, or provide a replacement PIN.
Be proactive, not reactive
In a world where fraudsters hack into the IRS, department stores, and other federal agencies for consumer information, seniors should be proactive in protecting their credit histories and preventing people from opening online accounts. their name. While periodic reviews of your credit reports spot problems, they’re done after the fact. Credit monitoring services are an option but come with a monthly fee. A security freeze gives the senior control over when others can access their credit report when opening a new account.
You can check your credit report for free on myBankrate.
Do you have a security freeze on your credit reports?
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