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3 Tips to Help Protect Your Identity

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Is It Time to Ditch Your Credit Card?

September 25, 2022

In the age of technology, it's easier than ever for hackers to access your personal information. According to Experian, 1 in 20 Americans fall victim to identity theft every year. There are a few steps you can take to protect your financial identity:

Place A Credit Freeze

You can freeze your credit at the three main credit bureaus: Equifax, Experian, and TransUnion. This is going to stop anyone from opening new lines of credit in your name with your social security number. One downside is it also prevents you from being able to open new lines of credit, but the good news is it will stop you from making impulse purchases like opening a department store card while you're checking out at the register. If you do need to open a new line of credit, you can unfreeze temporarily or permanently. It's important to always save your PIN number upon freezing.

File Tax Returns ASAP

Make it a habit to file your returns as soon as you can upon receiving all necessary tax documents to ensure you are receiving the refund you are owed. If your return is fraudulently filed, let the IRS know as soon as possible to be sure your actual return is processed.

Review your Credit Report

Many bank websites and standalone sites like Credit Karma allow you to check-in on your credit score multiple times per day. You will be able to see quickly if there is a new line of credit opened in your name or anything that's affecting your credit score, like a missed payment. It's also important to review your actual credit report with TransUnion, Equifax, and Experian. The three main bureaus are currently offering free weekly online credit reports post-Covid at www.annualcreditreport.com.

Keep Private Information Off Social Media

The less personal information you share on social media the better. Scammers are out there, and they are looking at your address, the names of your kids, birthdays, and other personal information you could use to create passwords for your accounts. Thieves are also watching for your vacation posts to break into your home while you're away. This may sound like doom and gloom, but remember, you might not actually know all the friends on your friends list.

Lastly, be sure to review your credit card charges regularly. If you see any fraudulent charges, contact the financial institution holding your account. Make it a habit to sit down and review all your finances at least once a month. These small steps can give you piece of mind and sense of security.


If you would like to receive more information on making smart money moves for your future, be sure to contact us today!

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About the author

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Allison Baines

Wealth Plan Design Manager

Allison graduated Magna Cum Laude from the University of Georgia with a bachelor's of science in family & consumer sciences as a double major (financial planning & consumer economics). She started at oXYGen Financial shortly after in the Fall of 2014 and has been building her career in financial planning ever since. One of her biggest accomplishments was passing the CFP® exam in 2018.

Allison was born and raised in Dallas, GA but currently lives in Ball Ground, GA with her husband Rob and their son Carter. They also share their home with a Labrador named Sunny and a German Shepherd named Lola.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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