Should You Freeze Your Credit?
Brenton Harrison, CFP?, CLU?, CSLP
Investopedia Top 100 Advisor | Host of New Money New Problems Podcast | Financial Advisor at New Money New Problems
No matter how much or how little money you have, you want it to be protected.
Unfortunately, in this digital world, it’s hard to completely guard yourself against the risk of someone accessing your credit or hacking your accounts.
If you’ve been keeping up with the news, National Public Data, a background check company, recently announced that up to 2.9 BILLION accounts may have been accessed in a data scrape.
Names, phone numbers, SOCIAL SECURITY NUMBERS … all potentially accessed in the breach. Since there are only about 300 million people in this country, you can do the math. 2.9 billion people means it’s a high chance your data has been compromised.
In the aftermath, many pundits have recommended freezing your credit, which essentially blocks companies from opening new accounts in your name if a credit report is required.
But it doesn’t stop ALL companies from accessing your credit.
In fact, even though I saw the news about the hack, I decided AGAINST freezing my own credit, for reasons we discuss in this week’s episode.
Instead, I lean on the things I’ve always used to protect myself against fraud and hacks. Tools such as:
AND MORE THAT YOU’LL HAVE TO HEAR BY LISTENING TO THIS WEEK’S EPISODE!
If the thought of someone getting a hold of your data makes you nervous, and it probably should, check out all the ways I use to give myself a little peace of mind.
This Week’s Episode
Should You Freeze Your Credit | NEW MONEY NEW PROBLEMS PODCAST
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How often should one review their credit freeze status to ensure it's aligned with their financial goals?
Freezing credit can prevent fraud but may complicate new credit applications. How do you balance these risks?