After a possible hack that compromised the credit of billions worldwide, several steps can be taken to assuage fears and protect your credit.
A recent class action lawsuit claimed hackers compromised the personal information of 2.9 billion people, including Social Security numbers and financial information. To ensure nefarious actors don’t use this information to compromise your finances, one option most experts recommend is a credit freeze.
“Freezing your credit is the single most important thing you can do when you get a data breach notice,” James E. Lee, chief operating officer at the Identity Theft Resource Center, told CNBC.
To freeze your credit report, simply contact each of the three major credit reporting agencies: Equifax, Experian, and TransUnion. After confirming your identity to each, you may request a credit report freeze.
A credit freeze comes at no cost and makes it so that creditors can’t access your credit report. After being frozen, other actors won’t be able to take out loans or credit cards in your name.
Freezing your credit report can take as little as one business day.
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As of September 2018, all credit freezes are free, as mandated by federal law.
Credit freezes can be done and undone as many times as one desires. However, the credit freeze also makes the user ineligible for loans and opening other credit accounts, meaning you must unfreeze it before undertaking such a move.
