topic Re: Credit Security and Identity Theft : Question in Electronics

Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 00:34:09 GMT

Hi,

A family member unfortunately has my social security number and already knows personal info about me such as my date of birth. Although nothing has happened, I'm a little concerned about this person using my information in a malicious manner, that is, identity theft. I may be unduly concerned. This person is not stupid, but can be irrational at times IMO. We are not on good terms.

I have already contacted one of the credit bureaus and learned about placing a fraud alert on my account as one possible measure (monthly fee) or putting a lock on my account that I would have to unlock any time a lender would need to check my credit.

Does anyone have experience with this? Is there a downside to me for placing fraud alerts or locks on my account in terms of how lenders view me?

What measures if any would you suggest I take to protect myself?

TIA!

Re: Credit Security and Identity Theft : Question

glb613 — Sat, 22 Feb 2014 00:47:50 GMT

Have you called a lawyer or police?

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 00:54:28 GMT

On 2/21/2014 glb613 said:
Have you called a lawyer or police?

Nothing has happened yet and may never happen. It is just a concern of mine. Attorneys and police do not take action unless something has actually happened.

Re: Credit Security and Identity Theft : Question

glb613 — Sat, 22 Feb 2014 00:55:29 GMT

On 2/21/2014 Jussa said:
On 2/21/2014 glb613 said:
Have you called a lawyer or police?

Nothing has happened yet and may never happen. It is just a concern of mine. Attorneys and police do not take action unless something has actually happened.

That's not true. You can call for advice.

Re: Credit Security and Identity Theft : Question

gazelle77 — Sat, 22 Feb 2014 00:56:05 GMT

Get life lock or the like.

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 00:59:27 GMT

glb, the detective in my police precinct suggested something like lifelock, which gazelle suggested. I will look into that. Thanks.

Re: Credit Security and Identity Theft : Question

TeezNu — Sat, 22 Feb 2014 01:22:23 GMT

Clark Howard states on his website that the only way to secure your credit from identity theft is to freeze your credit, as you said you have already done with one of the credit reporting agencies. Now, you just need to do the same thing with the other two agencies. Am not sure, but I think that services like LifeLock don't really do any good, because they just notify you of unusual activity AFTER it has occurred. Freezing your credit is a proactive methodology.

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 01:43:52 GMT

On 2/21/2014 TeezNu said: Clark Howard states on his website that the only way to secure your credit from identity theft is to freeze your credit, as you said you have already done with one of the credit reporting agencies. Now, you just need to do the same thing with the other two agencies. Am not sure, but I think that services like LifeLock don't really do any good, because they just notify you of unusual activity AFTER it has occurred. Freezing your credit is a proactive methodology.

I only said I have learned about this option. I have not done this yet as I don't know what the ramifications are.

That's why I posted the question for anyone's experience with this and recommendations. I also asked the question if something like freezing my credit (that is, locking my account) would present any kind of negative impact on me to a future lender. In other words, would a lender look negatively on a fraud alert or a locked account when making a decision towards me?

Re: Credit Security and Identity Theft : Question

Lynnj — Sat, 22 Feb 2014 03:30:23 GMT

I, personally, wouldn't go through the hassle of doing any of that. Sounds like an aggressive approach for something that may or may not happen. I sign on to all of my accounts daily to check recent activity, and ensure everything listed is a transaction of mine. Takes five minutes out of my day to check everything, and I have several different bank and credit card accounts. One time, a few years ago, I noticed a transaction was not mine and immediately contacted the credit card company. Told them it wasn't mine, they closed the account, issued a new card, and i wasn't responsible for the charges. All banks and credit card companies have this process in place to help consumers. One thing you might want to do is call all of your places where you have accounts, and have them out a note on the account that says to jot talk to anyone BUT you about your accounts. This will also add an alert, so the customer service rep will do an extra layer of identity when someone calls in for assistance. Also, I'd change all of the PINs and passwords on your accounts. For your family member, it would be fraud if they did anything. So if you can prove it was them then the court will take care of it.

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 03:41:29 GMT

On 2/21/2014 Lynnj said: I, personally, wouldn't go through the hassle of doing any of that. Sounds like an aggressive approach for something that may or may not happen. I sign on to all of my accounts daily to check recent activity, and ensure everything listed is a transaction of mine. Takes five minutes out of my day to check everything, and I have several different bank and credit card accounts. One time, a few years ago, I noticed a transaction was not mine and immediately contacted the credit card company. Told them it wasn't mine, they closed the account, issued a new card, and i wasn't responsible for the charges. All banks and credit card companies have this process in place to help consumers. One thing you might want to do is call all of your places where you have accounts, and have them out a note on the account that says to jot talk to anyone BUT you about your accounts. This will also add an alert, so the customer service rep will do an extra layer of identity when someone calls in for assistance. Also, I'd change all of the PINs and passwords on your accounts. For your family member, it would be fraud if they did anything. So if you can prove it was them then the court will take care of it.

The thing is, I don't do anything on-line for the very reason of identity theft! I don't pay any of my bills on-line either. While someone can steal your mail, I think it would be much more likely for a hacker to access your personal info on-line.

If this family member has my SS and personal info, how would a bank know if they are talking to me on the phone or talking to the family member?

I don't understand what difference would it make if I changed my PINS on my accounts? The family member doesn't know my current PIN from a new PIN I would create.

Your last sentence is what puzzles me. If my accounts were compromised, how could I possibly prove it was due to this family member? I don't see how I could.

Re: Credit Security and Identity Theft : Question

Lynnj — Sat, 22 Feb 2014 03:57:26 GMT

Question about how the bank or credit card would know they were talking to you or not....that's why I suggested that you call each one of them and ask them to put a note on your account about only speaking with you. All of your accounts should have security questions. That only you know the answer to. This is other than your social security number, etc. the best security feature is to set the answers for those security question as something different. Like when they ask the name of your first pet, or mothers maiden name...make something up for the answer, that only you would know that the made up answer is actually the correct answer.

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 04:03:20 GMT

Oh, thanks Lynnj. Now I understand.

Re: Credit Security and Identity Theft : Question

Lynnj — Sat, 22 Feb 2014 04:07:38 GMT

And the more I think about your reply, that you don't do anything online, is more of a reason to contact all of these companies and ask for an extra layer of identity to ensure that they are speaking with you and only you. Think about this...this person who has your info could call up, answer the social security and date of birth questions, then act like they are you and request that the address on the account be changed. And even the contact telephone number. Once that happens, all statements and information from the company is sent to the address that person just selected. Then they could call and say the card was lost or stolen and to issue a new one, with a new number. That would be sent to the new address provided. You would never know, but the charges would go against you because they are acting like you.

Re: Credit Security and Identity Theft : Question

Tzu4u — Sat, 22 Feb 2014 04:51:19 GMT

Get Lifelock. Since you do not go online, someone could do a lot of damage before you even knew what was going on. They could set up account and passwords in your name that you would never know about until they stopped paying the payments.

Lifelock puts an added layer of protection. If you open a credit card, or get a loan, you will not be approved until you notify Lifelock and they allow the company to look at your credit report.

Dave Ramsey and Clark Howard both have companies they approve to use for this service.

In your situation, I would do it soon. Better safe than sorry. Speaking to your bank is not going to prevent someone who has your social security number from opening fraudulent account in your name. Get a copy of your credit report and make sure there are no account on it that you do not know about.

I would consider this a high priority.

Re: Credit Security and Identity Theft : Question

Nuttmeg — Sat, 22 Feb 2014 05:00:15 GMT

http://www.consumer.ftc.gov/features/feature-0014-identity-theft

Re: Credit Security and Identity Theft : Question

chi5925 — Sat, 22 Feb 2014 06:35:55 GMT

On 2/21/2014 Jussa said:
On 2/21/2014 TeezNu said: Clark Howard states on his website that the only way to secure your credit from identity theft is to freeze your credit, as you said you have already done with one of the credit reporting agencies. Now, you just need to do the same thing with the other two agencies. Am not sure, but I think that services like LifeLock don't really do any good, because they just notify you of unusual activity AFTER it has occurred. Freezing your credit is a proactive methodology.

I only said I have learned about this option. I have not done this yet as I don't know what the ramifications are.

That's why I posted the question for anyone's experience with this and recommendations. I also asked the question if something like freezing my credit (that is, locking my account) would present any kind of negative impact on me to a future lender. In other words, would a lender look negatively on a fraud alert or a locked account when making a decision towards me?

NO - your credit will NOT be negatively impacted when you put a freeze on your credit at the 3 reporting agencies.

When you "freeze" your credit, you essentially forbid any of the 3 reporting agencies from giving out information on you to any entity.

Example: someone wants to open a credit card in your name; the credit card company contacts (electronically) one of the credit bureaus; the credit bureau responds to the credit card company telling them they are not allowed to give out info on your account because you asked for it to be frozen (or something like that).

I would suggest this option, HOWEVER, you need to know that to "unfreeze" the account, you have to notify each of the credit reporting agencies and to "unfreeze" takes some time (it doesn't happen instantly - maybe takes 5-7 business days or something like that).

It's a good thing to do IF you don't plan on applying for any new credit cards or a mortgage or car financing, etc.

If I were you, I'd research with one or all of the credit reporting agencies to see how it works logistically so you have no surprises.

Re: Credit Security and Identity Theft : Question

Mistreatedbycs — Sat, 22 Feb 2014 06:43:02 GMT

Why are you acting on something that hasn't happened yet?

If it does, it's a crime and I'm sure you have enough evidence to support your claim.

I really wouldn't spend any extra money just in case....it may be unsettling but that's about it.

Re: Credit Security and Identity Theft : Question

m2p — Sat, 22 Feb 2014 08:31:41 GMT

I put a fraud alert on my credit after the breach at the Target stores. If you are applying for credit or a loan the financing company is supposed to call you with a series of questions to verify your identity. I just bought a new car and I was called but I already had possession of the vehicle. If I were you, knowing someone has your SSN, I'd do a credit freeze. The most it should cost is $30 plus the same to "thaw" the freeze when you apply for credit. Small price to pay for peace of mind. Goggle fraud alert and credit freeze for more info on the differences. Why spend the money?, it can cost a lot more than $30 to get your identity back.

Re: Credit Security and Identity Theft : Question

151949 — Sat, 22 Feb 2014 14:47:58 GMT

Why on earth would you goive someone who is unstable your credit information? I would definately do the fraud alert. They will notify you if anyone is trying to borrow money or open a cc acct. and you will have to verify it was you. We did this after the Target issue and when we went to buy a new car we found out how it works - easy peasy.

Re: Credit Security and Identity Theft : Question

Jussa — Sat, 22 Feb 2014 15:21:59 GMT

Thank you all for your replies and information (excellent link nutmeg!). I tend to be a cynical person so I'm leaning towards being very proactive as opposed to doing nothing.

I spoke to one of the three credit bureaus yesterday. A freeze would cost $16/month and would have to be done separately with each credit bureau. Assuming that's around the same fee for each credit bureau, that would run me approximately $575/year. That's a lot for me but as someone said, it may be a necessary "worth it."

For now, I have placed a temporary 90-day fraud alert (free) that will be shared with all 3 credit bureaus. This will give me time to research other options.

happy housewife - You assumed that I "gave" this information out. I did not.