Freeze Your Credit: Your Best Defense Against Identity Theft

Safeguarding your personal information is more important than ever. One effective way to protect your financial identity is by freezing your credit.

What is a Credit Freeze?

A credit freeze, also known as a security freeze, restricts access to your credit report. This means potential creditors cannot view your credit history, making it difficult for identity thieves to open new accounts in your name. Importantly, a credit freeze doesn't affect your credit score or existing accounts.

Why Should You Freeze Your Credit?

• Protection Against Identity Theft: With increasing data breaches, your personal information is constantly at risk. A credit freeze can prevent fraudsters from using your stolen data to apply for credit.
• Peace of Mind: Knowing your credit report is locked down provides significant peace of mind. You won't have to worry about unauthorized accounts being opened.
• Cost-Effective Security: Freezing your credit is free with all three major credit bureaus (Equifax, Experian, and TransUnion).
• Easy to Manage: You can easily unfreeze your credit when you need to apply for new credit, often within minutes.

How to Freeze Your Credit

To freeze your credit, contact each of the three major credit bureaus:

• Equifax: Visit their website or call 800-349-9960.
• Experian: Visit their website or call 888-397-3742.
• TransUnion: Visit their website or call 888-909-8872.

You'll need to provide personal information and create a PIN or password to manage your freeze.

Conclusion

Freezing your credit is a powerful, simple, and free way to protect yourself from identity theft and financial fraud. By taking this step, you can ensure your credit remains secure and you're in control of your financial future.

Remembering a Wall Street Legend

On Monday, Wall Street said farewell to Art Cashin, UBS' director of floor operations at the New York Stock Exchange, who died at the age of 83.

His daily market commentary, Cashin's Comments, was distributed to clients continuously for over 40 years and was widely read by millions of professional investors.

In honor of Art's legacy, here is a lesson that he learned from his years of investing that he shared with CNBC correspondent Bob Pisani.

Cashin had seen his fellow humans panic time after time, selling stocks immediately without thinking, and cautioned against it: "It tells me that people have a tendency to overreact — and to not think things through carefully," he told Pisani.

"Those who react immediately rarely do well," he said. "Those who are somewhat suspect, they do much better."

Have you ever considered freezing your credit? What concerns or questions do you have about the process?

Chris Wang , Director of Research at Runnymede Capital Management, Inc.