Consumers have a number of options to prevent thieves from opening new accounts in their name. Here are three popular identity theft tools:

Credit Monitoring - Receive an automated alert, typically by email, anytime something changes in your credit files.

• How to Sign Up: Contact one of the three credit bureaus, Equifax, Experian or TransUnion about available services.
• Cost of Service: Monthly fees range from $4.95 to $14.95.
• Best Suited For: Consumers who want to keep an eye on their credit and would like to apply for credit in the near future.

* See a complete list of popular Equifax Credit Monitor Services >

Fraud Alerts - A special message on your credit report that requires lenders and merchants to verify an applicant’s identity to open a new account.

• How to Sign Up: Contact one of the three credit bureaus to place an alert. That credit agency will contact the other two bureaus.
• Cost of Service: Free
• Best Suited For: Consumer who suspect they have been or may become the victims of identity theft or credit fraud.

Credit Freeze - Restricts your credit files at the three credit reporting agencies to prevent identity thieves from opening new accounts in your name.

• How to Sign Up: In many states, consumers will need to send a letter to each of the three major credit bureaus to place a freeze.
• Cost of Service: Fees, which vary by state, can range from free to $10 for each bureau to place, temporarily lift or permanently remove a credit freeze.
• Best Suited For: Anyone who is worried about identity theft and who isn’t likely to need any new credit.

Posted in Credit Tips

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