With the recent revelations regarding the Elon Musk-led Department of Government Efficiency (DOGE) accessing millions of Americans’ Social Security records, concerns about data privacy have escalated. Many individuals, especially seniors, are worried about the implications of having their personal financial information potentially exposed.

The Risks of Data Breaches

Data privacy experts have highlighted significant risks associated with unauthorized access to sensitive information, such as Social Security numbers. The most pressing danger is identity theft, where fraudsters use stolen information to open accounts or make purchases in someone else’s name. This scenario can lead to substantial financial and emotional distress.

Steps to Safeguard Your Information

To mitigate risks to your personal data, you can take several precautionary measures:

• Fraud Alerts: Placing a fraud alert on your credit report informs potential creditors to perform additional checks to verify your identity before issuing credit in your name.
• Credit Freezes: A more secure option is a credit freeze, which restricts access to your credit report entirely, preventing new accounts from being opened without your consent.

Understanding Fraud Alerts and Credit Freezes

Both fraud alerts and credit freezes are effective tools for protecting your financial information:

Fraud Alert Details

A fraud alert remains active for one year and can be renewed. It requires contacting just one of the three major credit bureaus—Equifax, Experian, or TransUnion—to initiate.

Credit Freeze Details

On the other hand, a credit freeze remains in effect until you decide to lift it. Remember, if you require new credit during this time, you can temporarily unfreeze your credit with each bureau.

How to Set Up a Fraud Alert or Credit Freeze

Setting Up a Fraud Alert

To establish a fraud alert, contact one of the following credit reporting agencies:

• Equifax: 800-685-1111 or Equifax.com
• Experian: 888-397-3742 or Experian.com
• TransUnion: 888-909-8872 or TransUnion.com

Setting Up a Credit Freeze

To implement a credit freeze, you must reach out to all three credit bureaus individually. They will provide guidance on how to manage the freeze and any subsequent lifting.

Monitoring Your Credit

If you prefer not to set up a fraud alert or credit freeze, consider regularly checking your credit report. You can access a free report each week from all three credit bureaus at AnnualCreditReport.com. This can help you stay informed about any changes or potential issues.