I am very concerned about identity theft. What can I do to protect myself?

The widespread reach of technology has led to growing concerns about identity theft. If your personal information falls into the wrong hands, it could lead to identity theft. Identity theft could result in fraudsters using your personal information to open credit card accounts, bank accounts and telephone service accounts or to make major purchases – all in your name.

If you suspect your personal information has been compromised or is at risk, it is advisable to place a fraud alert on your credit file. For enhanced security, consider implementing a credit freeze. A fraud alert is a notification placed on your credit report that prompts potential creditors to take extra steps to verify your identity before extending credit in your name. A credit freeze completely blocks access to your credit report, preventing anyone from opening new accounts in your name without your explicit authorization. Fraud alerts and credit freezes are completely free to set up and remove, and neither action will affect your credit score.

A credit freeze provides significantly stronger protection than a fraud alert, but there is a drawback. When you freeze your credit, you will not be able to open new lines of credit or obtain a new loan while the freeze is activated. It does not affect your ability to use existing credit cards or other accounts that are already open. If you need to apply for a new credit card or some type of loan, you can temporarily lift the freeze on your account until your application is approved; then, you can refreeze it at any time.

Fraud Alert Set-Up

To set up a fraud alert, you will need to contact one of the three major credit reporting bureaus – Equifax, Experian and TransUnion – either by phone, online or by mail. You only need to contact one of these agencies, and they will notify the other two. Here is the phone and website contact information for each of the three bureaus.

• Equifax: 800-685-1111 or Equifax.com/personal/credit-report-services
• Experian: 888-397-3742 or Experian.com/help
• TransUnion: 888-909-8872 or TransUnion.com/credit-help

Even if you have not been a victim of identity theft, it is advisable to set up an “initial fraud alert.” This alert lasts for one year and can be renewed annually.

Credit Freeze Set-Up

To set up a credit freeze you will need to contact each of the three credit reporting bureaus mentioned above – Equifax, Experian and TransUnion. A credit freeze remains in place until you choose to unfreeze it. Keep in mind that, before applying for a new credit card or loan, you will need to temporarily lift the security freeze by following the procedures provided by each credit bureau.

You can monitor your credit file by regularly reviewing your credit report, even if you choose not to establish a fraud alert or a credit freeze. You can also obtain a free credit report each week from Equifax, Experian and TransUnion by visiting AnnualCreditReport.com.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of “The Savvy Senior” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.