Equifax Breach? Credit Freeze Not the Best Way To Protect Your Identity

Numerous horrifying stories on identity theft have come up since the Equifax breach, and one of the common recommendations experts have been giving in recent times is freezing your credit. Equifax gives its users the opportunity to freeze their credit at no cost. However, earlier this Wednesday was the last chance for users to request a credit freeze but Equifax extended the timeline till June 30.

Credit freeze?

Basically, a credit freeze prevents other individuals from opening accounts in your name. This is one of the rare forms of identity theft, but has still affected up to 4% of victims according to the Bureau of Justice Statistics.

Why Only Credit Freeze after the Equifax breach?

1. Monitor your current accounts: This rudimentary method of vigilance is what would protect you best. Thanks to technology, it is possible for you to use an account-aggregation app (Mint for instance). You can therefore ensure that only you are making certain charges, and if you see anything suspicious then you must contact your bank asap.
2. File taxes early: You must get your tax info sorted out early and submit returns promptly too. The extra benefit you’ll get is an early refund if you’re due one.
3. Set up credit activity alerts: Another great way to prevent identity theft is by setting up a credit monitoring account. Platforms like Credit Sesame and Credit Karma offer these. You can also set up fraud alerts and credit freezes depending on what you prefer.
4. Regularly check your credit reports: Nowadays it is possible for you to obtain free copies of your personal credit report via internet platforms. You can set up a calendar alert reminding yourself to do this quarterly or annually. This also brings the benefit of finding out ways to improve your credit score and you can also fix some errors that may appear on your credit report.
5. Be more thoughtful in choosing identity verification questions: A lot of individuals don’t place much relevance on verification questions, but studies have shown that choosing more personal questions can actually prevent identity fraud. You should not make use of questions that can easily be googled or found out on your social media account like ‘what street were you born’.

By following these steps, you are in a better position to prevent identity theft fraud and securing your finances.