I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.
Someone opened an AMEX in my name and charged $32k… 😑
Hello Reader,
Catching up with a friend the other day, they shared that “Oh hey yah, something I don’t think I told you about… got a notice the other day that someone opened up an AMEX account in my name and racked up $32,000 in charges…. NOW what do I do?!”
So, yah, identity theft. It happens and it sucks.
Once someone has opened up a credit or bank account in your name, you’re on the hook for that loan until you prove you didn’t borrow that money. That’s work and stress that no one wants to navigate.
You can clear identify theft up — and consumers have more protection against identity theft than they used to — but it’s SO much easier to prevent identity theft from ever taking place.
I sent my friend this page from my website where I explain how to prevent identity theft from ever happening. It also explains what steps to take if you discover that your identity has, sadly, already been stolen.
The short version is you want to “freeze” your credit file at each of the three major credit bureaus: Experian, Equifax and TransUnion.
Freezing your credit file is a bit of a pain, but it virtually eliminates the possibility of your identity being stolen. That means you’ll never break out in a cold sweat upon receiving a delinquency notice for an account you’ve never heard of.
I outline some different options, and how to go about putting in place this freeze on the webpage I referenced above.
As always, if you have any questions about this stuff — or anything else happening in your financial life — HIT REPLY and ask away! I read and respond to every email.
Best,
Dave
Hi there! I'm a financial planner for therapists!
David W. Frank
I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.
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