Courtesy of Alan Zafran, Senior Managing Director and Wealth Manager, First Republic Private Wealth Management
Credit reporting company Equifax has reported a data breach that could affect 143 million U.S. consumers. Cybercrime is becoming more prolific every passing day so it is important for you to protect yourself. As such, you may want to consider freezing your credit. To do so, contact each of the nationwide credit reporting companies; each company needs to be contacted individually:
Equifax — 1-800-349-9960 or https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp
Experian — 1-888-397-3742 or https://www.experian.com/freeze/center.html
TransUnion — 1-888-909-8872 or https://www.transunion.com/freeze
You will need to provide your personal information and pay a small fee. After receiving your freeze request, each company will send you a confirmation letter containing a unique personal identification number (PIN) or password. Keep the PIN or password in a safe place, as you will need it if you choose to lift the freeze (for example, to refinance your mortgage or take out a new credit card). By freezing your credit, it will block anyone from accessing your credit, which should prevent thieves from taking out credit cards in your name, unbeknownst to you.
Freezing your credit, however, will not prevent all identity theft. You may also want to consider subscribing to a provider that actively monitors your credit.
Precaution is the best way to approach these uncertain times and it is important to take control of what you can.