Before you pay for identity theft protection learn what policies are already in place that can protect you at minimal or no cost. For instance there are federal laws and commercial policies that will protect you if your credit card information is stolen. In addition, Florida state law grants you the right to put a security freeze on your credit reports.
Credit Cards: Under the Fair Credit Billing Act if your credit card information is stolen, your losses are limited to $50 per card. You are not responsible for charges made after you report the card lost or stolen.
ATM & Debit Cards Federal Law: Your losses are limited to $50 if you report your card lost or stolen within 2 business days. Between two and 60 days you can be liable for up to $500.
60 days after receiving a bank statement the law doesn’t require your bank to reimburse you for any losses.
VISA & MasterCard Policy: Voluntarily limited debit card liability to the same $50 limit that exists for credit cards.
Credit Freeze: On July 1, 2006, the Florida legislature passed a law that granted residents the right to put a security freeze on their credit reports. A credit freeze prevents potential creditors and other third parties from accessing your credit report at all, unless you lift the freeze or already have a relationship with the company. A credit freeze will prevent a consumer from being granted instant access to credit. However, a consumer who needs to shop for a new loan or credit account can have the freeze temporarily lifted by contacting the credit bureaus. The law says credit reporting agencies have three days from the time they receive the request to lift the freeze.
For more information about credit freezes visit http://www.800helpfla.com/scams/securityfreeze.html
Free credit reports: Check your credit reports. You are entitled to 1 free credit report from each of the 3 major credit report bureaus once a year. However, beware of imposter sites that seem like they are free but are actually trying to sell you a subscription or service. Here is the contact information for the ONLY federally authorized site (if you contact the credit bureaus directly they will charge):
www.annualcreditreport.com – don’t misspell it or you will get an “imposter” site. Order by telephone: 1-877-322-8228.
Personal Finance 