The Fraudian Slip Podcast ITRC - Credit Freezes - Special Guest Frozen Pii

Show Transcript

The Fraudian Slip Podcast ITRC - Credit Freezes - Special Guest Frozen Pii

Why should you freeze your credit? This month, September, we look at one of the most powerful weapons we have in the fight against identity crimes (one of the most under-utilized tools in our arsenal) and why it’s so important. We are talking about credit freezes.  

In 2002 California passed the first state law requiring the three primary credit bureaus – Equifax, Experian and TransUnion – to allow consumers to “freeze” access to their credit reports so no one could open a new account without the person’s knowledge or permission. Eventually, all state’s adopted credit freeze laws.  

In the beginning, there were fees attached to freezing, thawing and re-freezing your credit, which took several days. In fact, 20 percent of Americans spent an estimated $1.4 billion on credit freezes in 2018 before Congress stepped in to require the credit bureaus to make freezing and thawing your credit free of charge.   

Today, what once took days now takes minutes, and no fees are involved. Yet, more than two-thirds of Americans do not take advantage of this tool to keep their credit and identity information safe and secure, according to new ITRC research. Why? Also, why should you freeze your credit? 

Helping us explore the conundrum of credit freezes is the ITRC’s CEO Eva Velasquez and Tom O’Malley, a former federal prosecutor who has taken his experience as a victim of identity theft and turned it into Frozen Pii, a service devoted to making it easy to protect yourself with a credit freeze.  

We talked with Tom O’Malley about the following: 

• His personal story of identity theft and his idea for Frozen Pii.
• How credit freezes protect consumers and why people don’t freeze their credit.
• Why should you freeze your credit?
• New ITRC data about credit freezes.
• The ITRC’s partnership with Frozen Pii, beginning in October.

We talked with Eva Velasquez about the following: 

• The history of credit freezes and consumer attitudes.
• Why should you freeze your credit?
• New ITRC data about credit freezes.
• The ITRC’s partnership with Frozen Pii, beginning in October.

You can learn more about how to protect your personal privacy, as well as get help if you have been the victim of an identity crime by visiting the ITRC’s website www.idtheftcenter.org. While you are there, sign up for our emails that alert you to the latest scams, monthly data breach updates and tips to protect your identity. 

You can freeze your credit by visiting www.frozenpii.org. Beginning in late October, you will be able to access Frozen Pii directly through the ITRC website.  

Be sure and join us next week for our Weekly Breach Breakdown podcast and next month for another episode of The Fraudian Slip.