PROTECTING your personal information has never been more crucial than in today’s digital world.
With data breaches becoming increasingly common, safeguarding your credit and identity is essential to maintaining financial health.
In an exclusive interview with The U.S. Sun, Michael Bruemmer, vice president of Experian Global Data Breach Resolution and Consumer Protection, shared essential advice on maintaining financial stability.
He also advised how to safeguard personal information in an age where data breaches are becoming more frequent.
From monitoring credit to freezing reports, Bruemmer provided insights on how consumers can better protect themselves from identity theft and fraud.
CHECK YOUR CREDIT
“At minimum, you should check your credit report at least once a year,” Bruemmer emphasized.
While annual checks can suffice, he noted that more frequent monitoring can help catch potential issues sooner.
“Checking more regularly, like once a quarter or month, can better help you stay on top of your financial situation and make it easier to catch potential fraudulent activity more quickly.”
Consumers can check their Experian credit report for free at www.Experian.com, which Bruemmer recommends as a simple step to maintain financial health.
WHAT TO DO AFTER A DATA BREACH
For those who fall victim to a data breach, Bruemmer stressed that quick action is crucial.
“If you have been impacted by a data breach, time is of the essence,” he said.
Victims are often notified by the breached company and given steps to follow, such as enrolling in identity protection services.
“You can also consider freezing your credit reports,” he added, explaining that this makes it more difficult for criminals to open new accounts in your name.
He also said that Experian has this service available via its website.
GETTING IT FIXED
The length of time it takes to resolve credit issues following a breach varies.
“If someone stole your credit card information and was making unauthorized purchases, you can typically resolve the situation quickly by calling the bank, reporting the fraud, and cancelling the card,” Bruemmer explained.
However, he cautioned that more severe cases, like identity theft involving Social Security numbers or loan fraud, may take much longer to untangle.
SIGNS YOUR CREDIT HAS BEEN COMPROMISED
Here are signs your credit has been compromised:
Recognizing the early signs of identity theft is essential.
Michael Bruemmer, vice president of Experian Global Data Breach Resolution and Consumer Protection, outlined several warning signs, including:
- Unrecognized charges to your credit card or bank account
- Unexpected credit checks on your report
- Receiving unfamiliar bills
- A sudden drop in your credit score
“All of these could be red flags that someone is using your identity,” he warned, adding that early detection can help minimize the damage.
“This is why it is crucial to monitor your credit reports regularly, check on your financial accounts, and act quickly if you suspect fraud.”
PROTECT YOUR CREDIT
Experian provides a variety of tools to help consumers keep track of and safeguard their credit, he said.
“Experian offers free identity theft protection that monitors your Experian credit report and provides alerts of changes, dark web surveillance, and more,” Bruemmer said.
For those seeking additional security, Experian also offers a premium paid membership with expanded features.
Experian also provides fraud resolution agents and identity theft assistance.
WHY FREEZE
One of the most effective ways to prevent unauthorized access to your credit is through a credit freeze.
“A credit freeze prevents a lender from issuing credit without your permission,” Bruemmer explained.
While it can block fraudsters from opening new accounts in your name, it’s important to note that “a credit freeze will also prevent legitimate credit applications from being processed, so you’ll need to lift the freeze before applying for a loan or other credit product.”
He emphasized that freezing your credit at all three bureaus—Experian, Equifax, and TransUnion—is necessary to ensure comprehensive protection.
DON’T IGNORE — OR ELSE
Failing to address credit issues following a data breach can have serious consequences.
“If your identity is stolen and left unchecked, it can result in damaged credit, financial losses, tax issues, and even potentially a criminal record if the fraudster uses your identity to commit financial crimes,” Bruemmer warned.
This can lead to significant stress and loss of time and money.
If your identity is stolen and left unchecked, it can result in damaged credit, financial losses, tax issues, and even potentially a criminal record if the fraudster uses your identity to commit financial crimes.
Michael Bruemmer
KEEP IN CHECK
Finally, Bruemmer highlighted the benefits of using credit monitoring services.
“A credit monitoring service is like an extra pair of eyes and ears to help you catch fraud quickly,” he said, pointing out that these services can provide real-time alerts when changes occur on your credit report.
Experian’s free monitoring service also includes tools to freeze or lock your credit file, offering an added layer of protection.
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