Congress recently passed a bill that will make credit freezes absolutely free, so Matthew Pillmore of VIP Financial Education shares his perspective and advice on whether a credit freeze makes sense – even if it’s free. Ever since the Equifax hack last year, the subject of identity theft has been on the edge of minds all across the country. Questions like “What should I do to protect myself from my identity being stolen? Should I get a security freeze or a credit freeze? Should I access credit monitoring with fraud alert notifications from a place like Credit Karma?”
Well, this question is getting even more necessary to think about since credit freezes won’t cost anything once the passed bill is implemented. It’s critical to think about how your good credit worthiness and fico credit score will be effected. If your short term financial goals include accessing new Debt Weapons then a credit freeze may not be the best option and something like Lifelock or ID Shield may make sense. At a bare minimum, everyone should be monitoring their credit, which can be done for free from places like Credit Karma. Credit Karma gives you some excellent protection through credit card fraud detection at the major credit bureaus Experian, TransUnion, and Equifax. Just be sure to find the solution that makes sense for your financial goals so you can make those goals happen and achieve your financial freedom faster and more effectively, while remaining safe and protected from identity fraud, cuz credit card fraud is not an enjoyable experience.
For more info on Identity Theft check out this previous video:
For more info on the Equifax Hack and what we recommend in further detail check out this video:
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Check out a different perspective on this topic by our friend Meet Kevin:
Want a laugh (that hurts a bit too)? Check out the Last Week Tonight Equifax video by John Oliver.
John Oliver Equifax:
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