DO YOU MONITOR YOUR CREDIT?

Reading time:  approximately 3 minutes

Have you ever considered monitoring your credit report in order to prevent fraud? 

 

Typically, preventing fraud is not one of the reasons that we are think of in regard to our credit report.

Note:  This post was originally written in 2018.  In two quick years our world has changed drastically.  This post has been updated to reflect a current concern following the pandemic.

 

Recently an elderly lady made her way into the office where I work.  Although I am not employed by the state and have nothing to do with unemployment, our office is often mistaken for the unemployment office.

She was greatly distressed due to the fact that she had received a 1099 for her husband outlining his unemployment earnings for the past year (2020).

The problem?  He had been deceased for several years.

If this were an isolated incident, it would be one thing.  Sadly, it is not.  It is a story that is repeated in our office on an ongoing basis. 

Even people who are currently employed and have never been laid off during the pandemic, found themselves the recipient of a 1099 issued for unemployment. 

 

Due to the federal unemployment benefits available because of the pandemic, unemployment fraud is running rampant. 

 

My first response when I hear about yet another incident of someone receiving an unemployment statement is, “monitor your credit report and consider freezing your credit”.

If an individual was smart enough to get your personal details to file and receive unemployment, they are certainly smart enough to use that information to apply for and receive credit in your name. 

Your first line of defense is to regularly monitor your credit reports.  (I am seriously considering freezing my credit.  That is a post for another day)

 

So how does one monitor their credit?

 

By law, everyone is entitled to one free credit report annually from each of the three major credit reporting agencies. 

Because I want to monitor my credit more often, a few years ago, I signed up for  Credit Karma 

Credit Karma is a free credit monitoring service that allows you to access both your Trans Union and Equifax credit scores as often as you want. (no dings to your credit for checking.  It is not considered a “hard” inquiry)

You are able to review the status of all of your accounts. 

One of the best features is the credit alert for which you can sign up.  You will be notified if anything important changes on your credit report.

Hopefully, by having access to the tools offered on Credit Karma, you can stop fraud before it causes untold chaos in your life. 

 

There are a multitude of reasons to monitor your credit. 

 

But following the pandemic, stopping someone from wrecking your hard-earned, good credit, is my current top reason for closely monitoring my credit.

 

READY TO FOLLOW ALONG?

 

Make sure you are signed up for  The Little Letter

Quick Sign Up Here!

 

 

LIKE IT?  SHARE IT!

(it’s a little thing that would mean a lot to me!)