You might not realize that your SIN is a key component of your identity and can be used by thieves to apply for credit in your name. And worse!
A great measure to help protection yourself and your family is to put a pro-active credit alert on your credit file with Equifax and TransUnion. It’s a extra step that requires a lender to call you up before granting credit – that, could be fraudulent.
You'll want to be sure to put an alert on both of your credit files. With Equifax, the alert is free because of their massive breach the other year. The cost with TransUnion is around $6 and both alerts last five years.
To discover more money traps and how to correct them, get your copy of Talk Money to Me: Save Well, Spend Some, and Feel Good About Your Money in stores across Canada now and available at Amazon and Chapters for pre-order now.
As the Consumer Advocate for FP Canada, I know that financial literacy is paramount to your well-being. Equally important to your long-term success is working with a qualified professional. To find a CERTIFIED FINANCIAL PLANNER® professional in your area that will help guide you on all matters of money, check out this Find Your Planner tool.
FP Canada is a national professional body working in the public interest (formerly known as the Financial Planning Standards Council). FP Canada is dedicated to fostering better financial health for Canadians by certifying professional financial planners and leading the advancement of professional financial planning in Canada.