Credit Freeze

[Optimistic Paranoid]

So by now, most of you have seen where JP Morgan Chase suffered a hacker attack, and admits that about 76 million people had their info stolen.

According to Chase, the hackers got "only" names, addresses, phone numbers and email addresses. There is "no evidence" that any account numbers, passwords, Social Security numbers or birthdates were stolen.

Right.

I have a Visa card from Chase. I've already logged on and changed my password.

The other issue here is the possibility of Identity Theft - that they will apply for bank loans or credit cards posing as me.

Fortunately, I locked down my credit reports with a credit freeze several years ago.

If anyone applies for a loan as me, the bank will ask for a credit report, and the credit bureau will tell them there is a freeze in effect. The bank will then tell "me" that the freeze needs to be lifted, which the identity thief won't be able to do, and the loan won't go through.

If you're not familiar with credit freezes, you should check into it. The Wikipedia article on it is a good, basic primer. Google will also bring up a lot of good info if you search that term.

Regards
John

 

[ccbreder]

how sure are you the "credit freeze" report can't be hacked?

 

[Optimistic Paranoid]

how sure are you the "credit freeze" report can't be hacked?

As I understand it, skilled hackers don't engage in identity theft themselves. Probably don't want to take the risk. They sell the info to criminal rings, who are the ones who actually apply for the loans or credit cards. So I consider it a virtual certainty that the criminal trying to impersonate me wouldn't be able to hack in to the credit bureau and lift the freeze. Instead, he would just shrug and move down to the next name on the list he bought.

In a way, it's a bit like the joke about bears. I don't have to be fast enough to outrun the bear. I just have to be fast enough to outrun the guy who DOESN'T have a credit freeze on his ID!

Regards
John

 

[PeterG]

You can also call all three credit reporting agencies (Equifax, Experian, and TransUnion), and have them put a fraud alert on your credit report. This will require extra steps be taken before any new account may be opened. It stops the people who do things like walk into a store and open an account in your name based only on your credit report, then buy a bunch of gift cards.

 

[Optimistic Paranoid]

You can also call all three credit reporting agencies (Equifax, Experian, and TransUnion), and have them put a fraud alert on your credit report. This will require extra steps be taken before any new account may be opened. It stops the people who do things like walk into a store and open an account in your name based only on your credit report, then buy a bunch of gift cards.

Peter, my understanding is that a fraud alert only lasts for 90 days, UNLESS you can provide a police report and other evidence that you are a victim, in which case it lasts for 7 years.

A credit freeze doesn't require any of that and NEVER expires. You lift it only when you need to, and restore it when the need is done.

Regards
John

 

[ccbreder]

and lift the freeze. Instead, he would just shrug and move down to the next name on the list he bought.

In a way, it's a bit like the joke about bears. I don't have to be fast enough to outrun the bear. I just have to be fast enough to outrun the guy who DOESN'T have a credit freeze on his ID!

Regards
John

I do agree. on the side note, Rutgers students recently proved the one about the bear.

 

[PeterG]

Peter, my understanding is that a fraud alert only lasts for 90 days, UNLESS you can provide a police report and other evidence that you are a victim, in which case it lasts for 7 years.

A credit freeze doesn't require any of that and NEVER expires. You lift it only when you need to, and restore it when the need is done.

Regards
John

You are correct! I did not realize that the 7 year required a police report. Thanks for the correction. Also, if you are active duty military, you can put a 1 year alert on as well (for deployments).

 

[Darth_Muerte]

And people wonder why I don't do credit/debit/banks. There seems to be hacks like this REPORTED every week. How many go unreported I wonder?

 

[wagoneer]

Yah no paying at the pump. Cash is king. Keep it real. I do not trust big business.