Data breaches and credit card hacks occur by the tens of millions every year. Sooner or later, you should anticipate the chances of it happening to you. You can take measures to protect your information online and suppress the chances of hackers taking out credit using your name. One good way to do this is to freeze your credit.
A credit freeze is similar to storing your belongings inside a safe. It is designed to prevent other people from looking at and accessing your credit report. When you get cash money in Kelowna, your creditor, also known as the bank or person you are borrowing money from, will look at your credit score before you are approved of a loan. Creditors will also approve new accounts, however, they will also approve new accounts from hackers that pretend to be you, even if you’re not the one that applies for them.
However, when you freeze your credit, opening a new account won’t be possible, whether from you or another person pretending to be you. In other words, freezing your credit prevents possible frauds from doing any harm to it.
You can always unfreeze your credit whenever you would like, either temporarily or indefinitely. Here are some occasions in which you would want to freeze your credit:
A data breach is when a hacker or thief is able to get sensitive information not meant to be seen by the public eye. This includes your credit card or social security number. Because we store this information online for our own convenience, there is a chance that somebody will be able to access it.
Freezing your credit will be able to prevent anyone from being able to see this information, and will also prevent anyone taking out new lines of credit, as well. If you sense that somebody has stolen your credit card number from a source that stores it in their system, it would be wise to get a credit freeze so no further harm can be done.
While a data breach is where someone steals personal information, identity theft is where somebody uses that information to access accounts, create new accounts, and buy things with your money. Identity theft is very common unfortunately, and it can really take a lot of effort to undo all that happens when someone commits this heinous act of crime.
To prevent identity theft, we suggest taking cybersecurity measures and changing your passwords on a consistent basis. If you are a victim of identity theft, freezing your credit will prevent frauds from doing any more with your money or create new accounts in your name.
If your children have credit as well, they won’t be safe from identity theft either. However, you can also freeze their credit to prevent anyone from getting the chance to open new accounts using their names.
How Do I Unfreeze My Credit?
To lift your freeze, simply let your credit bureau know. There is also a way to lift it for a limited time if you are looking to apply for something that requires a credit check. Freezing and unfreezing your credit should also be free of charge, so you should have nothing to worry about in terms of finances.
Freezing your credit is something worth considering to prevent your information from being stolen. Freeze or unfreeze credit with your credit bureau.