Consumer Protection Tips to Safeguard Your Identity

This is National Consumers Protection Week.

John Zimmerman, a senior vice president with Fifth Third Bank West Michigan, was a guest with Andy Rent on "Andy in the Morning."

He offered some tips on protecting our identity and safeguarding our "credit lives."

His biggest tip, I think, was to place a security freeze online with the credit reporting bureaus. It's easy, just log on to each website and click away.

Here are the links:

• Equifax
• Experian
• TransUnion

With each credit bureau, you want to PLACE A SECURITY FREEZE!

This will keep anyone who may gain access to your financial information from getting a loan, making a large purchase that needs credit approval, etc.

John also talked about the eight tips that Fifth Third want you to be aware of:

• No. 1, forget "remember me?" when asked if you want to save a password for a website. Never do this!
• Two. beware of Phishing, SMiShing and Vishing. These are text messages or emails that ask you to access a website or call a phone number. DO NOT DO THIS!
• Three. Pass on PMI, or private mortgage insurance.  That can cost up to an additional $100 per month depending on your mortgage for someone who doesn't put 20 or more percent down.
• Four. know your number. In other words, know your credit score, and work to get it higher if below 740. It will save you thousands on borrowed money.
• Five. You can afford a financial advisor. Your bank has licensed bankers or investment executives who's job it is to help consumers save more, spend less and plan futures. All you have to do is ask.
• Six. Keep independent company. Independent insurance brokers aren't bound to one company as some agents are. It will save you money.
• Seven. Invest in long-term care insurance. With 70 percent of seniors needing some form of long-term care, this could be a great help with expenses.
• Eight. Don't spell "write." It take an expert hacker three minutes to crack a password. So, use improper grammar or anything else to throw them off.

Good luck and safe living!