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by throwaway76543
2827 days ago
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On the contrary, it works even better if you regularly use your credit report because you don't have to deal with the absolute pain in the ass of freezing and unfreezing it constantly. Time is money and that's a guaranteed loss of both. The kind of identity theft involving use of a credit report (as opposed to a stolen bank instrument) is relatively rare. Most identity theft involves a stolen credit card and freezing one's credit report offers no benefit in that scenario. I am absolutely not wrong, the vast majority of people take a passive approach and are fine. I don't know why you're talking about "getting your money back," this kind of fraud doesn't involve any loss of money from anyone other than a bank. There is no way at all that I can put my own money at risk by not freezing my credit. No one is talking about totally ignoring fraud and allowing a default judgement to occur -- I am talking about not paying upfront fees to micromanage access to pull credit. It does not matter very much at all. |
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Not correct. If someone opens a credit card (or anything else at that bank) in your name, and rings up a large balance, you can be sued and levied. It doesn't have to be the same bank; they can and will find your legit accounts in an effort to recover funds. I'm speaking from experience; the actual lawsuit was filed by a law firm that specializes in that type of collection. The protection you get from illegitimate accounts isn't automatic; you'll still have a degree of burden, depending on where you catch things.