Why You Should Consider Freezing Your Credit

STORY BY AUSTIN ASSET

If the latest massive data breach has you wondering if there’s something you can do to protect yourself — there is. The first option is to take the reactive approach and simply monitor your credit.

The second is to be more proactive and freeze your credit, making it very difficult for anyone other than you to take out credit in your name. This means even if a criminal obtains enough information to open an account, they’ll have a number of obstacles preventing them from using it.

Under the Economic Growth, Regulatory Relief, and Consumer Protection Act—effective since September 2018—you can freeze your credit free of charge. This began in 2017 when consumer advocates called on Congress to provide free access as, previously, each of the three credit bureaus could charge for the service and to unfreeze or “thaw” credit (useful for anything requiring a credit check).

WHAT DOES FREEZING MY CREDIT DO?

When you freeze your credit, the credit reporting bureaus can’t give any information to anyone who makes an inquiry about you. Typically, businesses inquire about your credit when you, or someone posing as you, attempts to open a new credit card, buy a car, or rent an apartment. The credit check helps the business determine if they want to lend or rent to you and can help set your rates and lending terms for loans and credit cards.

If your credit is frozen, the business can’t get any information about you which typically stops the process and means a fraudster can’t open an account while using your identity.

WHY DOESN’T EVERYONE FREEZE THEIR CREDIT?

Though freezing your credit won’t guarantee safety, it’s a pretty strong defense against identity theft. You still need to unfreeze your credit if you legitimately want to apply for a loan or line of credit. While this is not a heavy burden, it does add extra steps anytime you do something that requires a credit check.

While reactive, credit monitoring is a viable alternative to a full freeze. When you pay for a credit-monitoring service, you’ll get alerts about any activity involving your credit report. This can quickly bring a potential problem to your attention—but you won’t know if someone has used your identity until after it happens.

You can always request a free copy of your credit report annually from each of the major credit bureaus and check it for any activity you don’t recognize. If you do find anything suspicious, report it immediately and take steps to lock down your credit through a fraud alert or credit freeze.

HOW DO I FREEZE MY CREDIT?

If you want to freeze your credit, you need to do it at each of the three major credit bureaus: Equifax (1-800-349-9960), TransUnion (1888-909-8872) and Experian (1-888-3973742). If you request a freeze, be sure to store the passwords needed to thaw your credit in a safe place.

Whether or not you choose to freeze your credit, fraudsters can still take advantage by obtaining information like your credit card number(s) or passwords to online accounts. Make sure you’re taking the proper steps to secure your information and keep it from falling into the wrong hands.

errari unveils its first sport utility vehicle for 2023. The all-new four-door Ferrari Purosangue, which means pure-blood in Italian, is a showstopper for the new year.

The fact that Ferrari, despite its resistance to making an SUV, decided to enter this market space with a bonified slam-dunk. The first Ferrari SUV is proof that this legendary manufacturer can change with the times and offer up something that represents its history and style in an unfamiliar way.

Ferrari designed the 2023 Ferrari Purosangue using its supercar bag of tricks. The result turned out to be a different kind of SUV Ferrari enthusiasts wanted built the Ferrari way. Ferrari says they only build sports cars and that the 2023 Purosangue is first and foremost a Ferrari and by that they mean cars with impressive performance and dynamics that will put a smile on your face, says marketing chief Enrico Galliera.

Understandably, Ferrari stays clear of calling it’s Purosangue an SUV. Instead, Ferrari has coined the Purosangue as a Ferrari Utility Vehicle or FUV. SUV or FUV this vehicle fits the bill for those wanting Ferrari driving excitement in a vehicle that has a hatchback and carries four passengers comfortably.

Engine-wise, Ferrari Purosangue offers a naturally aspirated V-12. Later, a V-8 version and even a V-6 hybrid are said to be available for the SUV. The naturally aspirated 6.5-liter V-12 engine, that wears Ferrari’s signature red painted valve covers, produces 715-hp and 528 poundfeet of torque delivering solid acceleration along with a Ferrari tuned suspension that engineers say will help the Purosangue drive and handle as a Ferrari should. Ferrari claims the Purosangue catapults to 62 mph in just 3.3 seconds on its way to a top speed of 193 mph.

The 2023 Ferrari Purosangue adaptive suspension system uses an electric motor at each corner of the SUV to apply force to the dampers during cornering maneuvers to control body roll. As such, the Purosangue has no need for traditional anti-roll bars, and it can also hunker down during hard driving by reducing its ride height by almost a half inch.

This new ride by Ferrari promises to bring some excitement and competition to a burgeoning market for SUVs with supercar tendencies. The expected starting price for the 2023 Ferrari Purosangue is estimated at $400,000.

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