Number of frauds is rising in town
The SPVM is dealing with a constantly growing number of reported frauds.
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dhomas 16:59 on 2024-12-09 Permalink
I got my identity stolen in October. I’m quite tech savvy and very prudent with my personal information, but it still happened to me. Strangely (but maybe not coincidentally?), the fraud occurred right when my “complimentary” Equifax Credit Monitoring plan, from the Desjardins data breach, was expiring. 4 or so accounts were opened on my name before I locked my credit. Pretty much everyone who has used Desjardins has their information out there on the dark web. It’s a hassle but putting a lock on your credit works. Do it for both Equifax and Trans-Union. Luckily, in Quebec, it’s free to put a lock on your credit, thanks to Quebec’s Bill 53. In other provinces, Credit Lock/Freeze is unavailable because the credit bureaus prefer to sell expensive “credit monitoring” solutions (which are pretty garbage; I had this and still got my identity stolen). They will only provide it if/when they are legally required to (other provinces should take inspiration from Quebec’s Bill 53, TBH).
Here’s some more information about Bill 53 and how Credit Locks work:
https://milesopedia.com/en/personal-finance/credit-score/credit-lock/
MarcG 17:22 on 2024-12-09 Permalink
Thanks dhomas. I went to activate this on my Desjardins credit card and can’t find the option anywhere. I guess I’ll have to contact them to see how it’s done.
dhomas 17:31 on 2024-12-09 Permalink
@MarcG: the Credit Lock is done with the Credit Bureaus (Equifax and Transunion) directly, not via your credit card provider. It prevents bad actors from opening new accounts using your identity.
Information can be found here:
https://www.equifax.ca/personal/help/-/h/c/credit-lock/
https://www.transunion.ca/assistance/fraud-victims-resources#:~:text=How%20do%20I%20place%20a%20credit%20freeze%20on%20my%20file%3F
In my case, fraudsters opened a mobile phone account (likely to try to get a phone paid monthly) and 3 credit cards. I locked my credit and disputed the inquiries, but my credit rating has fallen drastically since this event. I’m hopeful that once the disputes are closed, my credit rating will go back up.
MtlWeb 09:08 on 2024-12-10 Permalink
Thanks @dhomas for providing this info; I had no idea about the Credit Lock.
Kate 09:27 on 2024-12-10 Permalink
Agreed. Thanks, dhomas. You may have spared others the hassle you experienced.
Tim 09:45 on 2024-12-10 Permalink
Thank you dhomas for sharing your story. I had totally lost track of doing this. Using your links, I was able to freeze my credit in about 25 minutes. Equifax was very quick and easy. Transunion took some more time because I wasted time looking for the option on their regular website and did not realize that they only offer the Freeze on a different URL.
MarcG 11:03 on 2024-12-10 Permalink
@Tim I’m having the opposite problem. Transunion was straightforward but I can’t find the option after logging into Equifax. Under My Account all I see are change password, contact info, etc, no mention of freeze/lock.
Joey 11:36 on 2024-12-10 Permalink
@dhomas FTW!
dhomas 12:35 on 2024-12-10 Permalink
Glad I could help. The Credit Bureaus don’t really make it easy, as I’m sure they are not too happy to have to provide this service for free. My Equifax Credit Monitoring has since expired (about a week after my incident), and I cannot find an easy way to manage my Credit Lock with an expired account. They also do not like talking to you on the phone.
Keep in mind that with a lock on your credit, any time you want to make a new credit inquiry (open a credit card, get a cell phone, get/renew a mortgage, etc.), you will need to suspend the lock temporarily. I’ve yet to do it, but there is apparently a way to put a 48 hour suspension which reactivates automatically. It’s annoying that I had to do this, but I really recommend it to everyone now that I’ve had to go through this waste of time. Plus, I still need to sort out my SIN (which the fraudsters used to steal my identity) with Service Canada.