Credit report fraud is an increasingly common type of identity theft. It occurs when someone gains access to your credit report and uses it to open financial accounts or make purchases in your name. It is important to be aware of the risks of credit report fraud and take steps to protect your credit report and your identity.
Image Source:Google
Check Your Credit Report Frequently: The best way to spot and stop credit report fraud is to check your credit report regularly. You are entitled to one free credit report from each of the three major credit reporting bureaus (Equifax, Experian, and TransUnion) every 12 months. Review your credit reports for any unfamiliar accounts, incorrect personal information, and suspicious activity.
Set Up Fraud Alerts: You can set up fraud alerts on your credit report to notify you if any new accounts are opened in your name. These fraud alerts will let creditors know to take extra steps to verify your identity before approving any new credit requests. You can also place a freeze on your credit reports, which blocks access to your credit reports until you temporarily lift the freeze.
Protect Your Personal Information: It is important to safeguard your personal information, such as your Social Security number, date of birth, and banking information. Don’t share this information with anyone unless it is absolutely necessary. Be careful when using public Wi-Fi networks, as they may not be secure. It is also a good idea to use strong passwords for your online accounts and to change them regularly.