Consumers Can Freeze Their Credit As a Method of Identity Protection
Credit Ccards represent a fundamental aspect of today’s economy, and as such, they come with all the risks and rewards of a digital age. People are able to shop online, make purchases over the phone, and buy items that are normally too expensive and pay them off later, and even build their credit. Credit cards have revolutionized the way consumers behave, and have made numerous tasks incredibly easy — too easy, possibly.
The simple convenience of credit cards brought with it a surprisingly easy opportunity for thieves to take advantage of unsuspecting consumers and use their cards – and identity – to steal money and make fraudulent purchases. Security technology quickly caught up, however, and now the issue is one that is being fought aggressively by the credit industry.
The latest in the war against identity theft is the ability to freeze credit. Consumers are now able to utilize strong protection by means of freezing their credit reports with the primary agencies that report credit. This is possible even regardless of state laws.
The first one to have done this was TransUnion, which granted credit freezes to all consumers on October 15th. It only took a few weeks however for Equifax and Experian to do the same. Since the first of November, consumers have been given another valuable tool to protect their finances and their identity.
Victims of identity theft have this option for free, while those who haven’t been hit by the crime of the new century will have to pay a $10 dollar free in order to place, lift, or slowly thaw their credit. The idea behind the maneuver was to provide consumers more opportunities to choose a fraud solution for their specific needs. It follows a trend to give consumers more power to control their reports and to make certain that their information stays secure.
