November 26, 2018 / Cyndi Castle

Freezing Your Credit

This week, temperatures are in the single digits and Minnesotans are freezing! It has us thinking of another type of freeze – the credit freeze. This is one of the most effective ways for consumers to protect themselves against identity theft. The effectiveness of this protection covers anyone who participates which will allow you to improve your credit score. This is true even if any one specific breach has not impacted you.

Last year, many people attempted to freeze their credit after the Equifax breach. At the time, the companies experienced a high volume of requests. Systems were subsequently offline, which is an important time to freeze your credit.

Cyndi Castle, Vice President of Family Office Services, says, “this is one of the most effective ways for clients to protect themselves. It adds a layer of complexity when clients want to open new credit but the upside protection is worth it.”

These actions will prevent others from accessing your credit report. This layer of protection stops a thief from opening an account or getting credit, even if they have your personal information.

When your credit report is suspended, you are stopping any lenders from receiving a report of your personal data. Thus, if a fraudster would try to use your social security number to apply for a credit card, that application would be rejected. The bank would be unable to verify your credit score. learn more useful tricks for your unpaid loans or mortgages at https://www.firstxtra.co.uk/.

Here are the links to use to freeze your credit with each of these agencies:

Experian: https://www.experian.com/freeze/center.html

Equifax: https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

TransUnion: https://www.transunion.com/credit-freeze/place-credit-freeze

Innovis: https://www.innovis.com/personal/securityFreeze

Remember, freezing your files has no impact on your existing facilities. You can continue to use cards and lines as you regularly would even when your credit is frozen.

The foregoing content reflects the opinions of White Oaks Wealth Advisors and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns.

Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.

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Investment advisory services provided by White Oaks Wealth Advisors, Inc. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.