frugal identity theft protection?

[frugle.n...@xoxy.net]

Hello,

I called up Equifax to put a fraud alert on my ssn and they
automatically forward the request to the other credit agencies. It is
on for 90 days and I had the option of 7 years. What happens is that
anyone applying for credit using your ssn is informed of the fraud
alert and you can specify your phone number that they can call to
confirm it is legitimate. I was wondering what the down side is to
having a fraud alert on yourself as it seems generally to be a frugal
way of protecting yourself from scammers etc. It may not be perfect
(they said that it won't help you if someone changes an address on an
existing credit card or something for example) but it sounds helpful,
though I imagine that I must be missing something...?

Regards.

[Mike M.]

<frugle.n...@xoxy.net> wrote in message
news:d316521a-b6a3-44a7...@s36g2000prg.googlegroups.com...

I'm not sure about Equifax's product, but I have been bombarded with email
offers from Experian (made the mistake of signing up for their free 30-day
trial offer - what an ordeal to cancel) regarding their security "freeze"
product.

It's not really a fraud alert (which is bad, implying you currently are/have
been a victim of fraud), rather a service that prevents creditors from
accessing your credit file without first obtaining permission (usually via a
PIN ) directly from you. Apparently once you provide the creditor(s) with
the PIN (say you are applying for a mortgage/auto loan/cc) they will then be
able to access your credit report. That aside, no one else (other than
yourself) can access your credit file.

But it' not a free service - requires one-time fee and an additional fee
each time you "unfreeze" your file (I think for a 7-30 day period.) And you
have to do it with each agency individually - does not automatically apply
to the other two reporting agencies. I don't have any such services, but I
did sign up for the (free) opt-out service with all the credit reporting
agencies. May or may not help regarding fraud, but it did cut way back on
junk mail received...

Mike

[Tockk]

You could just not pay a bill or two, ruin your credit, and then should
anyone try to take a new credit card out in your name, it'll be turned down.

Just a thought . . .