Why You Should Freeze Your Credit Starting September 21st (because it is free)
Identity theft is a huge problem in this country. It is not a matter of if you will become a victim it is a matter of when. I know that is highly pessimistic. However, all you have to do is the math and consider the amount of people who live in this country and compare it to the number of consumer files that have been hacked. The numbers are not in our favor.
The best form of protection is a credit freeze. A credit freeze locks up your credit report where no one can get into it without your assistance. If you need your credit files checked because applying for credit, then you unfreeze them. When you freeze your accounts, you are given a code. You can't get back in without that security code. First Congress allowed it to where anyone can freeze their credit reports as long as you were a victim of an identity theft. Then they turned it over to the State level and put states in charge. From there you could freeze your credit as long as you paid for it. There are three credit files. AT $15 to $20 a piece to freeze and then the same amount to unfreeze, that gets expensive. Then on May 22nd of this year, they made it FREE!!!
On September 21st you can go in and freeze your credit reports for free. You can even freeze your kids accounts as long as they are under the age of 16.
Once we get closer, I will post instructions and how you should go about the process. Just a hint, you want to make sure you know what is on your credit report before you freeze it. There is no excuse for identity theft at this point. The credit freeze along with credit monitoring (Yes, I Said credit monitoring)should give you a pretty solid plan. More on that later!