New Credit Freeze Laws in TN
Identity theft is the fastest growing crime in the country, with the number of reports in Tennessee rising by more than 20% in 2018, according to the Federal Trade Commission (FTC). One of the first steps you should take if you become a victim is to freeze your credit, which prevents the thief from opening new lines of credit in your name.
New Law
On September 21, 2018, a federal law was passed to protect consumers by allowing them to freeze their credit at no cost, with no impact on their credit score. This benefit is also available for minors, allowing a parent to place a freeze on their child’s credit, which may stay in effect until the child is old enough to use the account themselves. When it comes time to lift the credit freeze, that may also be done at no cost. Under this law, fraud alerts will now last a full year, rather than just 90 days. Placing a fraud alert on an account requires businesses that check a consumer’s credit to get approval before opening an account.
How to Place a Freeze
Placing a freeze on your credit is simple. Just contact each of the three main credit bureaus (Equifax, Experian, and TransUnion) and request that they freeze your credit. You will need to provide personally identifiable information such as your name, address, date of birth, and social security number. You will then be given a pin number to use when you lift the freeze, so be sure to keep that in a safe location. Here is how to contact the bureaus:
Equifax
Equifax.com
800-685-1111
Experian
Experian.com
888-397-3742
TransUnion
TransUnion.com
888-909-8872
Is Freezing Credit Enough?
If your identity has been stolen, freezing your credit is not the only step you must take to ensure your assets are protected. A credit freeze does not prevent a thief from making charges to existing accounts, so you should keep a close eye out for fraudulent activity on your bank and credit card statements.
Many types of identity theft don’t have anything to do with your credit. In those cases, it is especially important that you have additional protection. Zander ID Theft Solutions covers all types of identity theft, including medical, criminal, social security, tax and employment fraud, and more. Zander also provides up to $1 million in reimbursement for stolen funds and expenses and will do all the work for you when it comes to recovering your identity.