3566: [Part 2] The Price of Inattention by Michael Smith with Financial Finesse on Financial Awareness

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[00:00:29] the closest outlet. And built-in intelligence that makes updates around your schedule not in the middle of it. They don't build tech for tech's sake. They build it for you. Find technology built for the way you work at Dell.com slash Dell PCs. Built for you.

[00:00:51] This is Optimal Finance Daily. The Price of Inattention. Part 2 by Michael Smith with FinancialFinesse.com.

[00:01:01] After the police report was filed, she contacted every credit card with a copy of the police report. Some were very understanding and with the police report number and an outline of the facts of the case, they closed the account and didn't hold her responsible for any of the balances. And they said that they would remove her account from credit reports. That part took as long as three to four months to complete. Others though disputed her dispute. It wasn't until they sent her a copy of the case.

[00:02:29] They disputed every fraudulent account.

[00:04:29] She was transformed into a newer, stronger version of her prior self with a confidence about her. She unwound a horrible situation, worked her way out of it by spending hours fixing it, and documenting every conversation she had, and now feels invincible financially. It was an amazing learning experience for someone barely 25 years old. What can we all learn from her experience? Make sure you know what's going on in your financial life? How?

[00:05:00] Use AnnualCreditReport.com to order a free credit report each year from each of the bureaus. What I do is order one in January, one in May, and one in September. That way, I'm never more than four months away from an updated credit report, and I can spot any changes rather quickly before any damage is done. Look closely for any new items, inquiries that you don't recognize, and addresses that aren't yours. Those could be early warning signs.

[00:05:28] Also, be careful with who has access to your personal data. I visited a friend recently, and he had his tax returns from the last several years on his dining room table, and a half-completed credit card application there as well. There were 15 to 20 people at his house at the time to watch a football game, and if any of them wanted to, they could have completely stolen his identity. I told him this story at halftime, and he tidied up the table and locked the files in his desk.

[00:05:55] You can also use a free service like Credit Karma or Credit Sesame to monitor your credit score. So if it heads downward, you can see an alert that tells you what factor is impacting it, and that can serve as an early warning sign also. My takeaway from her case is that we must all be aware of what is going on in our financial lives. If we fail to pay attention, it's possible for bad things to be happening beneath the surface.

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[00:07:48] Dell PCs with Intel inside are built for the moments that matter. For the moments you plan and the ones you don't. Built for the busy days that turn into all-night study sessions. The moment you're working from a cafe and realize every outlet's taken. The times you're deep in your flow and the absolute last thing you need is an auto-update throwing off your momentum. That's why Dell builds tech that adapts to the way you actually work.

[00:08:15] Built with long-lasting batteries so you're not scrambling for the closest outlet. And built-in intelligence that makes updates around your schedule, not in the middle of it. They don't build tech for tech's sake. They built it for you. Find technology built for the way you work at Dell.com slash Dell PCs. Built for you.

[00:08:40] The first thing I thought while reading this article is that she could have avoided all of this if she would have frozen her credit. A credit freeze keeps the sensitive data in your credit files from being accessed without your specific consent. That can protect you from fraudulent credit applications, even if a criminal has key information such as your birth date and social security number.

[00:09:02] When someone applies for credit using your personal information, a lender or card issuer typically checks your credit before making a decision. If your credit is frozen, the potential creditor cannot see the data required to approve the application. While monitoring your credit reports is still a good practice, this only helps you catch the fraud after it happens. A credit freeze is preventative and can help you avoid the headache described in this article.

[00:09:30] You'll need to contact each of the three major credit bureaus, Equifax, Experian, and TransUnion individually. After verifying your identity, you can request the freeze. I easily did this online in no time at all, so I'd encourage you to do the same as soon as possible. But that's going to do it for today. Thanks so much for tuning in and listening to both parts of this great post. And I'll see you tomorrow for more Optimal Finance Daily, where your optimal life awaits.