Senior citizens do not understand the option of placing a freeze on their credit profile. That is a conclusion of a recent study conducted by the American Association of Retired Persons (AARP) Public Policy Institute.
A total of 69 percent were unaware of credit freezes and how they work. For seniors looking to prevent identity theft, a credit freeze may be the best answer.
Beginning in September 2007, the three main credit bureaus agreed to allow credit freezes to consumers in all fifty states, despite lobbying heavily against it. Experian lagged behind the other two bureaus but eventually followed with a change in policy.
Most senior citizens do not need access to their credit as frequently as they did while they were working. Many find their vehicles last much longer once their daily commute is eliminated. Often, their home mortgage is already paid off, or soon to be paid off.
Senior citizens are often targeted by criminals that suspect they will be easy targets. It makes sense, as seniors tend to have established credit histories. Some positive accounts may go back 20 years or more.
In order to obtain a credit freeze, you must contact all three major credit bureaus to request it. The fee is currently $10 at each bureau. You may find each credit bureau by visiting www.annualcreditreport.com.
