Identity Theft and Credit Freeze Laws

A Freeze Placed on Your Credit Report Can Reduce Your Risk of Identity Theft

Recently in the news there has been more focus on identity theft and how a credit report freeze can help to reduce the effects of identity theft. If you want to learn more about what a credit report freeze is and how it can help you if you become the victim of identity theft, you'll want to read more below.

Not All States Are Freezing

Not all states have freeze laws that allow consumers to place a freeze on their credit report by simply making a request to do so. According to recent news reports, Nebraska is currently considering passing a law that will allow consumers to put a freeze on their credit reports.

The Benefits of the Freeze

The real benefit of putting a freeze on your credit report is that it serves as a shield should someone get a hold of your social security number. An identity theft criminal will be stopped in his or her tracks if he or she tries to open a line of credit in your name. Freeze laws came about as the result of increases in the number of identity theft cases.

Certainly an identity theft criminal can get access to an existing credit account and charge items to it. But it certainly is a big help if an identity theft criminal is prevented from opening a new account in your name. The amount of damage that person can do will be minimal. It's very rare for a credit freeze to not work.

Almost all businesses will check a person's credit report before opening up a line of credit. In most states unless you've already been a victim of identity theft, you will have to pay a fee to have a freeze placed on your credit report. This fee is often worth the added peace of mind you are given by reducing your risk of identity theft.

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