TECH TALK

Consumers are just beginning to reap the benefits of the Dodd-Frank rollback. Effective September 21, this legislation made getting a credit freeze free. Previously freezing and unfreezing credit was billed per instance, per credit reporting company. A credit freeze (also known as a security freeze, blocks access to your credit report.

What does it mean? Lenders, credit card companies, cell phone providers and others are locked out of your credit. This is good news for those whose info was compromised in the Equifax data breach. If your credit report is frozen, a scammer can’t make new accounts in your name.

It’s also a great option for folks with children under the age of 16 who shouldn’t have a credit report yet. If you’re freezing credit for your child, the credit reporting agency will generate an empty credit report and lock it down. When your child comes of age, they will be able to thaw their credit report using a pin number. You would follow a similar procedure to thaw your own credit.

Freezing your credit isn’t a quick fix for all data compromising concerns. If your credit card or bank account numbers are stolen a credit freeze won’t save you from financial loss. Freezing credit will keep folks from creating accounts in your name–not abusing existing ones.

If you’d like to freeze your reports or get more information you can contact the reporting agencies directly. You can find information through their websites or by phone.

• Equifax: 1-800-685-1111

• TransUnion: 1-888-909-8872

• Experian: 1-888-397-374

Have a tech issue you’d like help with or something you need explained? Email me at katie.lexchron@gmail.com