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Equifax freeze request8/3/2023 ![]() When Should You Lock or Freeze Your Credit?īoth credit locks and credit freezes can be used to proactively protect your credit from scammers. Try Aura’s top-rated identity theft protection free for 14 days and secure your identity (and finances) against fraud. ✅ Take action: If scammers get access to your financial information, they could take out loans in your name or empty your bank account. In this guide, we’ll cover the similarities and key differences between a credit lock and a credit freeze to help you pick the one that’s best for you. But while these terms sound the same, there are differences in how they work, what they cost - and ultimately, which one is right for you. ![]() Once enabled, these tools prevent anyone from accessing your credit file, which can stop criminals from opening new accounts or taking out loans in your name. Ī credit lock and a credit freeze are both great ways to protect your credit, personal finances, and identity from fraudsters. Last year alone, the Federal Trade Commission (FTC), received close to 700,000 reports of fraud related to new fraudulent bank accounts, credit cards, and loans. One of the easiest ways scammers can target your finances is by using your stolen information to open new accounts or take out lines of credit and loans in your name. ![]() This article has been viewed 1,354 times.What’s Better? A Credit Lock or a Credit Freeze? Jonathan has been featured in the New York Times, the Wall Street Journal, Money Tips, Mindful Magazine, and Business Insider among others. He also earned his Accredited Investment Fiduciary (AIF®) credential from Fi360. He studied Financial Analysis at the CFA Institute and earned his Certified Private Wealth Advisor (CPWA®) designation from The Investments & Wealth Institute. With over 25 years of financial advising experience, Jonathan is a speaker and the best-selling author of "Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend." Jonathan holds a BA in Philosophy and Religious Studies from Montana State University-Bozeman. Jonathan DeYoe is a Financial Advisor and the CEO of Mindful Money, a comprehensive financial planning and retirement income planning service based in Berkeley, California. This article was co-authored by Jonathan DeYoe, CPWA®, AIF® and by wikiHow staff writer, Jennifer Mueller, JD. This article has been viewed 1,354 times. There are 7 references cited in this article, which can be found at the bottom of the page. ![]()
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