It’s happened to Michael Jordan, Bill Gates, and Beyoncé; every two seconds, another American falls victim to identify fraud—and affluent individuals are 43% more likely to have their identity stolen.
As a high-net-worth individual, you need to be extremely vigilant about protecting your credit. Your wealth makes you a tempting target for would-be identity thieves and phishing scammers. Add high-tech hackers to mix, and it’s easier than ever for the bad guys to ruin your credit.
Fortunately there are two powerful tools to prevent such issues: credit monitoring and credit file blocking.
Credit Monitoring Keeps an Eye on Your Activity
The sooner you catch something wrong, the smaller the damage. By closely watching all your credit activity on a daily basis, credit monitoring allows you or your advisor to spot fraud and keep your record clean.
With almost 13 million people falling victim to identify theft every year, credit monitoring is effective, but it’s can’t provide 100% protection. For that kind of security, you’ll need our next tool.
Credit File Blocking Keeps Identity Thieves Out
Imagine a medieval castle’s drawbridge. When a friend wants to come in or out, the bridge is pulled out and access is allowed—but when an enemy tries to enter, the bridge is drawn up and there’s no way in.
That’s basically how credit file blocking works: your advisor places an impenetrable hold on your credit report with the three major agencies. Don’t worry: this won’t affect your day-to-day use of credit cards or ongoing loans.
When it’s time to take out a new loan or line of credit, your advisor simply removes the block for a moment, then puts it back once your loan is secured.
Reach out to Regal Financial to learn more about we can effectively implement credit monitoring and credit file blocking.