Take the Polar Plunge (11-1-2024)
- Eric Horne, CFP®
- Nov 12, 2024
- 3 min read
Updated: Dec 30, 2024
November 1, 2024
Dear Friends,
As I dig out the Fall and Winter clothing to stay warm, I am reminded that some things are better off left to Freeze…. Stay with me on this one, it’s important.
Have you ever had your personal information stolen in an online security breach? Sure, you have, whether you know it or not. Sorry to burst your bubble if you believed otherwise.
After working in the financial industry for nearly two decades I can confidently say that anyone I have come across who has had their financial identities stolen and used against them is living through a whole set of misery that we all hope to avoid. The sad truth is with the world becoming increasingly ever so forcibly Online and Mobile, there is no way around keeping your personal information safe forever.
So, what can you do to protect yourself and those you love that is absolutely FREE? Freeze your Credit at ALL THREE Credit Agencies (Experian, Equifax and TransUnion). It’s easy to do and also easy to lift the Freeze when you need to (Applying for a Car Loan, Home Re-finance, personal loan, credit card, etc.). By going online to all three agencies and setting up accounts (if you have never done so already) and placing a Freeze on your credit at each agency, this goes a long way in helping protect you against people taking financial action with your stolen identity.
Not long after one of the main Credit agencies themselves were hacked a few years ago, the law mandated that all 3 agencies themselves offer the ability for consumers to Freeze their credit file for free. There are other options such as a Credit LOCK, which is very similar to a Freeze and is potentially slightly more convenient to unlock and slightly quicker depending on the credit agency (though I have found, in my personal experience, the Credit Freeze becoming increasingly easy to navigate). A Credit Lock, however, typically requires a Subscription and thus is not free. You may get additional benefits with the subscription such as alerts when someone attempts to run your credit to help you monitor for Fraud. You won’t get this credit alert monitoring free with a Credit Freeze, however it still prevents action from being taken to open up illicit lines of credit.
I recommend a Credit Freeze for the simple fact that it’s easy and it’s free and it’s the bare minimum you should do to help protect your financial life. If you wish to have credit alerts then, by all means, go for a subscription service option with the Lock feature. Just make sure you do something. If you already have a credit monitoring subscription, double check to ensure you are taking advantage of the Freeze and Lock features that accompany it.
Feel free to share this with your friends and family. Parents and Legal Guardians are able to Freeze the Credit for minors under age 16 (Good idea).
Links to Freeze Your Credit
If you’re ready to freeze your credit, here’s where to go:
A quick credit freeze now can save you a lot of trouble down the road, so it’s worth considering as part of your seasonal financial check-up.
***I have also found that some of these web sites (especially TransUnion) work best using Google Chrome (TransUnion won’t work with Microsoft Edge, it seems).***
That is all for now.
Stay safe!
Eric Horne, CFP®, MBA
Arc Element Wealth Design
Disclosure Statement
This newsletter is for informational purposes only and should not be considered investment advice. Arc Element Wealth Design (AEWD), a Nebraska-registered investment adviser, does not guarantee the accuracy or completeness of any information provided. Investment decisions should be based on an individual’s personal objectives and financial situation, and all investments involve risk. Past performance is not indicative of future results. For further information about AEWD’s advisory services, please review our Form ADV, available upon request.
