Monday, May 12, 2008

Financial Privacy

There are more than 8 million new victims of identity theft each year in the U.S. Many of these victims find that crooks have used stolen personal information like Social Security numbers to open new accounts in their victim's name.

A security freeze gives consumers the choice to "freeze" or lock access to their credit file against anyone trying to open up a new account or to get new credit in their name.

When a security freeze is in place at all three major credit bureaus, an identity thief cannot open a new account because the potential creditor or seller of services will not be able to check the credit file. When the consumer is applying for credit, he or she can lift the freeze temporarily using a PIN so legitimate applications for credit or services can be processed.

More information on security freezes.

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