Fraud Alerts vs Credit Freeze vs Credit Lock
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- เผยแพร่เมื่อ 25 ก.ค. 2024
- We dive into the differences between a fraud alert, credit freeze and a credit lock. We'll cover the pros and cons of each, including the cost of each (2 are free).
You can get access to my personal notes on finance and investing by joining my free weekly newsletter:
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Resources mentioned in this video:
www.consumer.ftc.gov/articles...
www.consumer.ftc.gov/articles...
www.consumer.ftc.gov/articles...
www.consumer.ftc.gov/articles...
TransUnion Credit Lock: transunion.ifgza3.net/PJgbq (affiliate link)
Timestamp:
0:00 Introduction
1:56 Fraud Alerts
3:43 Extended Fraud Alerts
4:45 Active Duty Alerts
5:48 Credit Freeze
9:12 Credit Lock
11:16 My Notes
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
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Thank you! You made this so less intimidating. I'll def be doing the credit freeze.
man I had about 7 videos pre-tabbed and ready to watch on this topic and your one video was so clean, direct, and helpful.. it told me everything i needed to and wanted to know..
and then some.
*Great video my friend* .. and thank you for sharing your expertise and saving us (all) time. 👍🏾
My new favorite channel! No BS , not trying to sell you anything just straight to the point! I wish you nothing but success
Hi Rob, We appreciated your clear explanations of the differences between fraud alerts, credit freezes, and credit locks! Thank you!
I am young woman getting ready to start my lif. Thank you so much for this important information. I deeply appreciate it.✨✨✨
You inspire me with your selflessness in providing this info. I imagine you'd be a great guy even if not smart with money, but to me, your financial freedom allows a more selfless lifestyle. I strive for that. Thanks, sir.
I’m in the beginning of the video at the time of this comment, and I can already tell you provide great quality content. Thanks Rob
perfect video. Thank you so much for being so calm and explaining the differences crystal clear!
Very helpful information. Unfortunately these days it’s an endless loop of trying to speak to a rep. Everything must be done online or via letter. Thanks for sharing your knowledge.
Simple to the point and so helpful - thank you!!!
Very helpful video. Placed a freeze on my wife’s, adult son and my accounts. Thanks sir!
Thank you Rob! Very informative!
Like most of the other commenters have said, this is a perfect video for the subject. Thank you very much for making it!
I am glad I ran into your video I appreciate all the information.
Great video. Thank you for making this.
Very helpful video! Thank you so much!!
Thank you that was very informational!
🤯 fnally found you again rob 🍻,wow early congratulations to 60k 📈
Thank you for this very informative video.
Perfect information and content.
You did a wonderful job sir..Thank you
Awesome information,Thank You....
Thank you sir for explaining it so well!!!!!!!
Very good information. Thanks
Do you have anything on retirement guide or any valuable information it very important to me. GREAT channel will add you and looking forward to more good honest information thanks again.
Thank you so much for this valuable information!!! 🙏🙏 Question ⁉️ Do you know how I can freeze my SSN, if at all❓❓❓
To monitor your own credit score as you mentioned, if it’s frozen, you still won’t be able to monitor it unless you unfreeze it first, correct? Including on the annual credit report website where you get one free pull per year
I’ve come across your video after the whole T-Mobile hack and I have a couple questions. Hopefully this reaches you and you can answer
1. How hard would it be for the thief to unfreeze the credit reports?
2. Will I still be able to access credit karma?
Thanks Rob! Take care
THANKS ROB
You can also put a password on your account, when anyone tries to get credit, the company will ask you for that password, and you can also put statements on your account if you feel the need to explain anything
Thank you so much!
I’ve done the credit freeze
Hey Rob, I wasn't able to access your notes on credit freeze, only your investing notes came up.
Hello Rob good day sir, I'm in a pickle I noticed transunion don't have a pin on the freeze option is this true or did I mess up? please help.. Thank you
Great content. What is the best phone number to call at each credit bureau to reach a human to inquire about credit freeze, credit lock, etc
Thank you
I have a credit freeze and an extended fraud alert with the 3 credit bureaus.
very helpful
If you have a credit freeze does that affect your credit score especially if you already have credit cards?
They really try to get you to sign up. Had to dig around a bit to look for the freeze.
You have to unfreeze all 3 of them when applying for a loan or credit card? Or just the one that the lender uses to check your credit? Usually they don't use all 3 except when applying for a mortgage. Thanks for explaining the credit freeze. As you said with all those data breaches almost all of us have our sensitive information on the dark web 😕
You can unfreeze for a day or more when that time expires it goes back into freeze mode. No need to freeze it again.
Should you worry about identity theft even if you don't have a credit card or income coming in? Like is it only a big problem if you already have money in credit cards already if that makes sence?
Yes. If they can get your social security number and other identifying information, they can try to apply for credit in your name. It doesn't matter whether you already have a
credit card or other loans.
I was contacted by my bank and asked if I had purchased $400.+ worth of items at the local Walmart. I said no and I wasn’t contacted again. I was told, however, that the purchase had been OK’d by Walmart which means that the person got away with it. Does this warrant a credit freeze by me?
Confused in Reno
Hopefully, you are still good. In this day and age, hacking and informaion theft is rampant. Its not a question of if my credit gets stolen, but when. Unless you need credit regularly, I would just freeze it and not worry. It takes about 30 min to unfreeze and the credit agencies have 1 hour to complete the unfreeze. A little work and wait is worth the peace of mind.
I couldn't access your notes to print.
I want to freeze my credit thru the 3 credit bureaus because I got an alert some of my info showed up on the dark web last week. However I coincidentally also planning on applying for a new credit card sometime in the very near future. Will I have to contact all 3 credit bureaus to unfreeze my credit when that time comes? Or just one? And if just one how do I know which one to call?
thanks for saving me $$
Moral of the story… bad credit pays off 😂
Lmao
I have lifelock and they notified me of an alert from an outfit called DATA X about a short term loan application.LL recommended downloading then filling out a form to freeze my credit by mail, which I did. This company is a division of Equifax. IS THIS A FOURTH CREDIT BUREAU????
What happens if we apply for a credit card when having a fraud alert at one or more credit reporting agencies? Can the card company simply decline the card? Or is it required to make sure about the identity of the applicant and then make the decision?
Can you have both and the same time. " fraud alert & credit freez. I placed it with one and it went to all three. Now I want to go to two of then and place credit freez.
If you apply for credit while your credit is locked does your application not go through?
No, it will get denied. But, with freezes and locks you can undo them and relock or freeze them with ease. I would always have them frozen and the day before using your credit, unlock or unfreeze your accout, use it, then lock or freeze it again.
I don't just need the freezes I also need to move and I need to know how to deal with the credit bureaus so I need to take it off when an apartment or a 55 and plus please needs to look at my my personal information but yet not allowing a criminal to look at my information
I put a fraud alert and a credit freeze on mine, hopefully that isn't over kill.
I'm proud indeed i worked from transunion and I'm a Filipina..😇
Do credit card companies deny you from getting a credit card if you have a fraud alert?
No, not at all. They'll just take extra steps to confirm your identity.
@@rob_berger can authorized users still be added with a fraud alert on the report?
I’ve found the credit locks are free as well.
What should I do if I lost my Social Security number? It was inside of my wallet.
My 34 year old son is using my email address an social security number to get a Chime card in my name! What should I do?
Both my sons do that too! They use my social to get a cash app card too I think cash app needs to be sued and so does chime
Sounds like you should have raised your son with his father and just maybe you wouldn’t be in that predicament.
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Thanks you cause my mom dont tell me shid lmao
A fraud alert causes the lender to confirm identity. YOU MEAN THEY DON'T DO THAT ANYWAY?!?!?
Not to the same level, no.
@@rob_berger Sad. You'd think they would most vigilante.
@@joesmith-rm7px To be clear, lenders do verify your identity, but they will often do that without speaking with you. That's why you can often qualify for a credit card online. With a fraud alert, however, they will typically call and speak to you first.
@@rob_berger Such a great video! What are your thoughts about getting both fraud alert and credit freeze? Is having both levels of protection unnecessary? What are the pros and cons of having both simultaneously?
I am terrified of these people I believe they even have my mother's maiden name and my Social Security and my date of birth and they'll do anything if they can get away with it because that's the way I was talk to so I am pretty beat up
We shouldn't have to pay for any of these services.
Social Security number should ONLY be used for tax purposes and that's it.
And only credit scores should be shown to other creditors when you are applying for credit.
I think the whole thing stinks.
Blame our government and these money making credit bureaus for causing the problems with identity theft. 😡
I need to still be safe and I need to make sure I can prove who I am who I write do they use fingerprints do they use birth certificates what do they use to help the people's cuz I don't want to end up having a problem proving who the hell I am if these people are are getting all my information but I'm sure they're getting all my information
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Thank you