Articles - Archived Expert Advice

Protect Your Credit

I took your advice for reviewing my credit reports annually, and opting out of pre-approved credit offers. Are there extra steps I can take to protect my credit?

Absolutely! On December 1, 2005, the Identity Theft Protection Act was passed, allowing all North Carolina consumers the right to request a security freeze (regardless of whether or not they were the victims of identity theft). A security freeze blocks your credit information from being sold or disclosed to a third party without your permission. Situations have occurred in which consumers were unaware their information was used to file bankruptcy or open a new line of credit.

There are three methods to request a security freeze: electronically, by mail and over the phone. Freezing fees are waived for identity theft victims who have filed a police report, their spouses, and consumers over the age of 62. Everyone else pays a maximum of $3, except when the request is made electronically—that's free.

Regardless of the method used, you need to provide your full name, date of birth, address and Social Security number to each of the three credit reporting bureaus: Equifax (equifax.com), Experian (experian.com) and TransUnion (transunion.com). If you are a parent and your child has a credit report, you can freeze that, too, by providing their information.

Once your request has been processed, you will receive a personal identification number or password, which you can use to remove or temporarily lift, or thaw, the freeze. There is no fee involved with removing or lifting the freeze if your request is made electronically; however, the maximum $3 fee may be imposed if your request is made by mail or phone.

If you have additional questions, please give us a call at the number below. All LGFCU financial counselors are Certified Identity Theft Risk Management Specialists, and can provide you with additional tips and suggestions.