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Credit Freezes Aren't Foolproof

Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance
Why you should still be periodically checking all three credit reports.

[Question]My wife and I both froze our credit reports to prevent identity theft. With the freeze in place, is it safe to stop checking our credit reports periodically? - G.W., Chantilly, Va.

[Answer]A credit freeze is not a foolproof mechanism to protect against ID theft, and it's still a good idea to check your credit reports regularly. You can get a free copy of your report from each of the three credit bureaus every 12 months at annualcreditreport.com. (The freeze doesn't affect your ability to check your report.)

SEE ALSO: 4 Simple Steps to Help Protect Against Identity Theft

A freeze prevents new creditors from accessing your credit report, making it more difficult for ID thieves to take out new credit in your name. But "a freeze does not prevent someone from using an existing account to make fraudulent charges, which is far more common," says Rod Griffin, director of public education for credit bureau Experian. When you check your report, "you may also find evidence of fraud, such as variation in your name spelling, Social Security number or other identification," he says. Report any suspicious information or errors to the credit bureau. Go to Experian.com, Equifax.com and TransUnion.com to place a temporary fraud alert for suspicious activity or to dispute information on a report.

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