Dealing with identity theft of any kind is time consuming and frustrating. While there are services that monitor your credit files and send alerts about any activity, nothing beats a credit freeze.
A credit freeze blocks anyone’s access to your credit file, and without access to that file most creditors will not extend credit to you (or someone pretending to be you).
In addition to blocking access, fraudulent loans issued under your name become highly unlikely, and the volume of junk mail that you receive is greatly reduced.
The best part: freezing your credit only takes a few minutes.
If you are about to apply for a credit account (new credit card, mortgage application, auto loan, etc), you can either delay placing the freeze, or place a freeze now and then request a temporary lift when you’re about to submit your application. Some institutions call this a “thaw.”
Once your credit accounts are frozen, be sure to save the generated PINs and log-ins in your password manager.
The links for setting up the credit freeze with each bureau are here: Equifax, Experian, and TransUnion. You will need to freeze your credit at each credit bureau.
Freezing Your Child’s Credit Report
While freezing credit reports of minors is generally not as important in the case of adults, it is a nice protective measure, especially as kids approach adulthood. The process there is a bit more laborious, since you would need to submit paper applications and provide copies of documents to prove your identity, your relation to the child, and the child's identity.
Here are instructions for freezing credit reports of minors with Equifax, Experian, and TransUnion.