Identity theft is a crime involving the wrongful acquisition of someone else’s personal information such as name, Social Security number, or bank account information. A credit freeze can be an effective way to combat this fraud, and a financial advisor can assist with this process.
Individual State Laws
Each state enforces laws regarding credit freezes. Some states charge a fee for this service. Each state keeps the freeze in place for a specific period of time. Consumers should call their state Attorney General’s office to get this information.
To institute a credit freeze, a consumer must contact each of the three credit reporting agencies. These agencies are Experian, TransUnion, and Equifax. After reaching representatives with each company, one should request the freeze and pay any applicable fee to institute it.
The credit freeze will remain in effect until it expires at a time determined by state law.
Sometimes existing bank accounts could continue to be misused, even with a freeze in place. Consumers should check with a financial advisor for answers to questions or for additional assistance if the credit freeze does not halt all fraudulent activity.