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Credit tips for retirees and empty nesters

Look out for ID theft
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Look out for ID theft

Always a hot issue: identity theft.

One answer that may work better for empty nesters and retirees than for younger folks: a credit freeze, says Magnuson.

When you freeze your credit, it means you've told the credit bureaus they can't pull your credit history. Since just about any lender requires a credit history before granting a line of credit, loan or credit card, a credit freeze is a good way to stop people posing as you from opening credit in your name.

When a lender or business needs access to your file for a credit check, you can "thaw" your freeze by using a PIN that only you know. You can freeze it again once the lender has checked your history.

"A file freeze says no one can get your information unless you allow it," Magnuson says.




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