It’s a great time to check your credit! If you haven’t been reviewing your credit reports or reviewing your accounts that is okay! This is a great time to start. Similar to checking the smoke detectors when we change the clocks, you can set reminders to check your credit annually. By checking your credit reports you can ensure there is no fraudulent activity or identity theft. With credit leaks happening all of the time there has never been a more important time to review your accounts.
Throughout the year you can use a website such as Credit Karma to review your credit for false accounts. Keep in mind that it may not always catch all the accounts listed in your name. Speaking from previous experience, this can be one of the quickest ways to find a false account in your name. Accounts show up here in 1-2 days, if you do not have an established account with the servicer it may take months before you are notified. As you review your accounts, it’s a great time to setup an account at Mint or Personal Capital.
The primary method to review your open accounts is to from your credit report. There are 3 major agencies Equifax, TransUnion, and Experian. This offer is free once per year per agency. If you want reports more often you can receive them for a fee (usually $10-15/each). This is accessible through AnnualCreditReport and you can use this in two ways:
Option 1:
Pull all three reports at the same time which will allow you to review all at the same time.
Option 2:
Access one every 4 months (such as Equifax in January, Experian in May, and TransUnion in September). This provides greater coverage throughout the year but some accounts or credit requests may only show on 1 or 2 agencies.
If you notice any false reports or accounts that you did not open you will want to contact the issuer as well as the credit agency or agencies. Afterwards, it is advisable to place a credit freeze on your account. This previously had a fee associated with it, but starting in September 2018 this is now free to place or remove a freeze. By freezing your account you restrict creating new accounts from without direct authorization.
To freeze your accounts with any fo the credit bureaus you can access this online via the links below.
Identity Stolen? Here’s What To Do.
First off, the FTC has a quick tool to reference what to do in the event that you are a victim of identity theft. This can include filing police reports gaining credit freezes and holds through the major credit bureaus.
Unfortunately if your credit is stolen it’s important to take action quickly.
If your identity is stolen you should contact:
1. The FTC (who may also recommend you file a police report).
2. The credit bureaus for fraud alerts which are usually offered free for 90 days if your identity is stolen and to dispute the credit pull. I recommend also freezing your credit.
3. Contact the creditor who offered the credit line and inform them of the fraud and request the hard credit pull be removed from your credit report.
4. Check your credit lines and bank accounts to ensure any money hasn’t been stolen or fraudulently taken.
5. Change your passwords if it was used online
6. Be aggressive in continuing to check for further credit fraud or new lines of credit being opened.
Having your credit stolen and being a victim of identity theft can be quite a pain and a bit of trouble. You have to be aggressive and can protect yourself beforehand. Stay consistent in checking your reports. Noticing false accounts before they have charges or before they are processed is a great way to minimize the damage.
Thanks for reading!