Credit card scams (Canada)
I just watched CBC Marketplace episode on credit card identity theft. One of the subjects they covered was credit monitoring and fraud alerts. An interesting thing I learned was that the US has free credit freeze service where a card CANNOT be opened without your express permission. Apparently Ontario has introduced this legislation but the last election stalled it from being implemented. An interesting (and slightly scary) topic. Here’s the link to the episode. https://youtu.be/2xBddrmbG7w
MXMOM , scary topic. I've brought this up with my provincial MLA and federal MP as something that should be a no-brainer. I really think that credit freezing should be available, especially for minors. I have a relative who works in the credit industry, and she has seen some shocking cases of identity theft on minors that didn't come to light until they turned 18. All it will take is for one province strengthening the consumer protection on credit for it to spread across all provincial jurisdictions.
I take the precaution of diligent monitoring. I pull my credit bureau reports from Equifax and TransUnion once a year on a six-month stagger. This is the result of having a much improved financial situation. Thanks, YNAB.
Equifax makes it as inconvenient as possible to get the free report, and you have to mail in your request unless you're willing to pay for online access, which I'm not. Transunion let's you pull a free report online, but they make finding the paid-for report very easy to find and the free report incredibly difficult to find; you have to know it's there and go looking for it on their site.
I also use CreditKarma, which gives me the free look at my Transunion and Equifax reports each week, whatevers current. It’s not the complete details you might get from the free yearly report pull, but it will at least give me a heads up to dig deeper if i see a new account pop up in credit karma. (And a friend works there in security, so i’m q little more trusting of them then the other sites. :) )