With a credit freeze, no one – including the consumer – can access the consumer’s credit report to open a new account. Usually that means calling to check if the person is actually at the particular store attempting to get credit. What do fraud alerts and credit freezes do? With a fraud alert, a business must try to verify a consumer’s identity before extending new credit. If they’re not sure what’s right for them, here are some points to ponder. People don’t have to be victims of identity theft to use them, but they should weigh their options in light of their personal circumstances. Here are answers from the FTC about two topics on consumers’ minds: fraud alerts and credit freezes.įraud alerts and credit freezes can be very helpful tools for consumers. As a business executive, your customers and employees may be coming to you with questions. Read more here.Ĭonsumers are apprehensive about the security of their personal information and recent headlines about data breaches have moved the needle substantially on the -ometer that measures such things. UPDATE: As of September 21, 2018, the law says credit freezes are free for everyone, and alerts now last one year (not 90 days). About the FTC Show/hide About the FTC menu items.News and Events Show/hide News and Events menu items.
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