I had my wallet stolen with all my credit cards, licence, cash and much more. I then had the hassle of blocking cards, ordering all new cards, getting a police report and so forth. I felt naked when that happened however relieved and safe knowing that 3 weeks later I was moving home and the thief would not know my home address.
I thought I had gotten off unscarred UNTIL … 6 months later when I went to get a home loan from the bank.
I found out that the thief had used my ID to get a phone plan and racked up high mobile phone bills, plus got personal loans approved. They even got many rejections which appeared on my credit file.
I still consider myself lucky as I was working for a large telecommunication company at the time and they happened to go in there for a mobile plan (7 months after my wallet was stolen) trying to get a phone contract when I came up as an employee. The intelligent and quick-thinking staff member started asking questions, and the thief quickly ran away leaving my licence and some other cards.
However, though this ends relatively well and I did not lose any money apart from the cash in my wallet the damage had been done. I lost hours and hours calling the companies to get my name and credit file cleared plus all the charges removed. The charges were successfully removed because the companies did not search to check that the address was valid.
However, though I could blame the companies it is up to me to protect my identity. I could have picked this all up had I had access or alerts set up on my credit file.
This is why I love and had to share the article from Barefoot Investor where he shows you the exact steps that are fast, easy, and free to lock your credit file so that scammers don’t run up credit in your name (like it happened to me).
“So here’s what I want you to do, step-by-step to lock down your credit file so that scammers can’t rip you off.
Step 1: Download the Credit Savvy app (either in the Apple or Google app stores).
Step 2: Verify your details (I used my driver’s licence and Medicare card).
Step 3: Press “protect” from the bottom navigation.
Step 4: Press “Request a ban”. Credit Savvy will then let the other credit agencies know you’ve got a ban on your file within 2 business days.
Step 5: On the 16th day the Credit Savvy app will remind you that your pause is ending. When you get that alert – and this is important – click “ban my credit report for 12 months”.“
There are companies such as Equifax’s ‘Credit Protect’ service that send an alert if your credit file is accessed however there is a cost. What Barefoot recommends is easy and free to give you peace of mind knowing credit file is secure.
I shared the steps however please take the time to read Barefoot Investors’ blog “Please open this right now, it’s very important” to get additional information. It will be 4 minutes well invested. Better yet sign up for his weekly newsletter for simple and honest financial tips that work.
I highly recommend taking the advice and blocking your credit file, as the Australian Bureau of Statistics reports 8.1% of persons (1.7 million) experienced card fraud in Australia in 2021.
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