You Just Bought a House! Now Go Freeze Your Credit
Every day we hear about identity thieves hijacking people's social security number and other data in order to open credit accounts. The process of fixing a credit file after it has been hijacked can be frustrating and time consuming. The best way to make sure that you are not a target of identity thieves is to freeze your credit.
After you have purchased a house is the perfect time to think about freezing credit, if you have not done so already. Freezing your credit should be done when you do not have any current need to open a new credit account. Credit accounts are things like mortgages, student loans, credit cards, and car loans. A credit freeze is much more robust than credit monitoring. And better yet, a credit freeze is extremely inexpensive. In the state of Virginia, it costs just a one-time fee of $10 per bureau (there are three of them) to freeze your credit. However, if you are the victim of identity theft, you can freeze your credit at no charge. You will need to check with your own state to find out the cost for requesting a credit freeze.
When you freeze your credit, you are issue a personal identification number (PIN). In order to thaw your credit, you will need this PIN. Your PIN should be kept with your files that are sensitive, like social security cards or the title to your home. After your credit is frozen, even if an identity thief has your social security number, mother's maiden name, the name of the street you grew up on, or any other identifying piece of information, they will NOT be able to open a single credit account using your identity.
Once someone has undergone the rigorous process of qualifying for a mortgage to purchase a home, it is likely that they have all the credit that they need for the foreseeable future. It is a perfect time to exercise the best tactic to combat identity theft!
You Just Bought a House! Now Go Freeze Your Credit
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