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Created June 2, 2018 04:06
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CreditAdvice.md

Credit Agency Advice

There are three players in this game as follows:

Experian

P.O. Box 9532
Allen, TX 75013
888.397.3742

Equifax

P.O. Box 740241
Atlanta, GA 30374-0241
800.525.6285

TransUnion

Fraud Victim Assistance Division
P.O. Box 6790
Fullerton, CA 92834-6790
800.680.7289

Summary

Let's assume the a-hole's name is Brad. Here are the facts:

  • Brad wants a new puppy worth $5,000. He wants to pay it off in installments.
  • In order to get a new puppy and agree to a contract to pay it off in installments, he must OPEN a NEW account with Puppy, Inc.
  • Puppy, Inc. will check the credit of the buyer by reaching out to one of the credit agencies listed above.
  • ⚠️ Puppy, Inc. is satisfied with the credit of the buyer and delivers said puppy along with opening a NEW account so that the buyer can pay it off in installments.
  • Brad is stocked.

⚠️ - This is where things go awry. Brad wasn't himself during this stage, he was YOU! He had used YOUR name, YOUR social security number, YOUR address. He pretended to be you!

FAKE YOU --> Request To Open Account using your SS# --> Inquiry To A Credit Agency --> Agency Returns Back Info On You (Credit Score) --> Puppy, Inc. Reviews Credit-Score and Accepts

You get involved in the Inquiry to A Credit Agency using your name step (discussed further below).

The diagram doesn't really deliver much info, I just felt like making something like that.

How To Stop Brad

You protect yourself by LOCKING all three credit agencies. The ⚠️ step above would have failed if each agency was locked. Not only that, you can set it up so that the agency would contact you if there is a credit inquiry on your account. Only approving of said inquiry if you give the OK (via phone I believe). I'm a little unsure of how that process goes down as I've never experienced it. By locking the accounts, note that you WILL NOT be able to open up any new accounts that require an inquiry on your credit-score because.. they will be locked out of receiving enough info to accept you into a new contract. It's VERY EASY unlocking your accounts temporairly if you know you're about to enter into a contract where someone/something is going to check your credit score. But since I'm not buying a house every day nor opening new credit-cards every month, I don't care that it's locked. It doesn't affect my day-to-day at all and makes me feel secure.

Sign Up and Lock Your Accounts

Each particular agency has a file on you. By registering, you will have access to your credit-score from that agency along with other products they offer. But registering is FREE. Use a secure password system (i.e. 1Password). Your primary goal is to lock up each one.

Experian

🐒 - sign-up

Equifax

🐖 - sign-up

TransUnion

🐜 - sign-up (note that this can also lock Equifax)

Screenshots of Locked Accounts

Note that it might not look exactly like this for you depending on the product you choose (they offer more than just the free stuff). But any purchased product won't make the lock more secure (I don't think). Purchased products over identity protection + other things besides just locking the account which I think is required by law to be free.

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