![]() And yes, definitely do set up that account even if you’re decades away from retirement, before someone else sets one up in your name with data stolen from the Equifax hack. And they sell some of this data to their “partners” for marketing purposes.Įven the Social Security Administration verifies with Equifax that this is you when you’re trying to set up a my Social Security account online. Your “FICO score” is based on credit bureau data. What the heck is a “security freeze?”Ī security freeze prevents these credit bureaus from releasing and selling your personal data and credit and financial history that they have gathered over the years.Īs part of their business model, credit bureaus sell this data to banks and other firms where you apply for credit, such as a credit card, a mortgage, a personal loan, a cellphone account, or some other form of credit. But under the old system, a security freeze was too much hassle and not appropriate for many people. I have always recommended putting a “security freeze” (also called “credit freeze”) on your accounts with the three major credit bureaus in the US - Equifax, Transunion, and Experian – as the most effective way to protect yourself from credit fraud and identity theft. One thing I hafta admit about big American corporations: When they’re exposed to enough hue and cry and get flogged long enough in the media, particularly on WOLF STREET, and get flailed by regulators, Attorneys General, and lawmakers, even as individual and class-action law suits are hailing down on them, they will eventually stop making things worse, and finally do something right.Īnd it’s a sea change in terms of how easy it is today – thanks to the fallout from Equifax hack in 2017 – to protect your credit and identity from identity theft and other forms of fraud and broader financial and bureaucratic nightmares. Here are the websites and links and why and how to do it. ![]()
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