The ID Theft Solution That Is About to Be Free
President Trump will be signing some new bank regulations into law. In this legislation, he is going to be doing pretty great. This new legislation makes credit freezes FREE. It is probably one of the greatest consumer benefits put into a bill.
A credit freeze is the ultimate protection against identity theft. If you freeze your credit reports, you put them under lock and key only to be unlocked or unfrozen by you. No one can access your credit reports with a credit freeze locking them up. If you have been a victim of fraud, you can get them frozen for free. If not, it is roughly $15 per report to freeze and then $15 to unfreeze them in the event you need to use your credit.
If you want to start winning the war against identity theft, this is the measure you take. This is a huge deal for consumers.
The credit freeze is way better than any other tools you have such as a fraud alert. A fraud alert is something that you can put on your credit report to deter would be thieves. However, it is only effective 75% of the time and you have to constantly renew it.
What are the downsides of the credit freeze? If you are going to apply for credit, you have to go through the process of unlocking or unfreezing your credit reports. That might be a hassle. However, it is a small price to pay for the ultimate security.
The other downside goes to all of the questionable companies offering identity theft protection. You know the ones that are suppose to protect every John Smith against every type of attack. These are questionable at best. I still think it makes sense to have credit monitoring on your 3 credit reports as a backup plan.
How many consumers will actually know about it as well as take the measures to go through the process? I would bet not as big of a percentage as it should be. The problem is not that we have an identity theft problem in this country. The problem is that we have an apathy problem in America where consumers think that it won't happen to them. Thus, they don't take the necessary precautions.
Remember, it is not if you get your personal information compromised. It is when this happens to you. Don't be a statistic, especially when the solution to a great percentage of the problems is for free.