How to safeguard your credit score in retirement as fraud and identity theft rise among seniors

You've worked hard, saved smart, and now it's time to enjoy your retirement years. But here's the catch: your credit score still matters, even when you're no longer applying for mortgages, car loans or new credit cards. Why? Scammers know many seniors don't monitor their credit very often, and that makes retirees prime targets for identity theft. Due largely to increased scam attempts, financial losses for seniors reached $4.9 billion in 2024. And anyone can become a target. The good news is there are simple, powerful steps you can take right now to lock down your credit score and make sure your hard-earned nest egg is safe.

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Why your credit score matters in retirement

A lot of people assume that once they stop working, their credit score doesn't matter anymore. After all, you're not buying a new house or car, right? Not so fast. Your credit score can still affect:

• Insurance premiums. Some insurers factor your credit into your rates.
• Retirement community applications. Senior housing and assisted living facilities often run credit checks.
• Loan approvals. You may still need financing for medical bills, home repairs or emergencies.
• Identity theft risk. A clean, unused credit file is like a blank check to a scammer.

The hands of Karin Seelmann, a 70-year-old participant of a computer course for seniors, handle the keyboard of a laptop in Hanover, Germany, Feb. 21, 2017. (Peter Steffen/picture alliance)

Keeping your credit score safe is about protecting both your financial reputation and your retirement savings.

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Step 1: Monitor your credit regularly

Even if you're not applying for credit, you should know what's in your file. Seniors are often the last to find out when a scammer has taken out a loan or opened a card in their name. The three big credit bureaus, Equifax, Experian and TransUnion, are required to give you a free report once a year. Here's the trick: thanks to recent changes, you can now get a free weekly credit report at AnnualCreditReport.com. Set a calendar reminder to check your reports once a month. Look for accounts you don't recognize, suspicious credit inquiries or sudden drops in your score.

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A man looking into his retirement matters. (Kurt "CyberGuy" Knutsson)

Step 2: Place a fraud alert

If you suspect you've been targeted, a fraud alert makes it harder for identity thieves to open new accounts in your name. It tells creditors they need to take extra steps to verify your identity before approving anything.

• A fraud alert is free.
• It lasts for one year (you can renew it).
• You only need to contact one bureau. They'll notify the others.

This is a great first line of defense if you've received scam calls, phishing emails or notice odd activity in your accounts. 

A woman looking up her credit score on a laptop. (Kurt "CyberGuy" Knutsson)

Step 3: Freeze your credit (the gold standard)

A credit freeze is the single most powerful tool retirees have to protect their credit score. Also, it's completely free. Here's why you should do it today:

• It blocks anyone from opening new credit in your name.
• It doesn't affect your current accounts, score or benefits.
• You can unfreeze it anytime if you need new credit.

Since most retirees don't apply for new loans often, a credit freeze is a "set it and forget it" safeguard. Think of it as putting your credit file in a vault.

How to do it:

• Contact Equifax, Experian and TransUnion individually (you'll need to freeze your credit with each one).
• Provide proof of identity (usually SSN, date of birth and address).
• Keep the PIN or password they give you; you'll need it if you ever want to lift the freeze.

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A woman looking into her retirement matters on her laptop. (Kurt "CyberGuy" Knutsson)

Step 4: Lock down your personal data online

Here's something many seniors don't realize: even if your credit is frozen, scammers can still target you through other leaks of personal information.

Data brokers publish your name, address history, phone numbers, relatives and even property records online. Scammers use this information to:

• Impersonate family members in "grandparent scams."
• Craft convincing phishing messages.
• Trick banks or creditors with stolen details.

That's why removing your personal information from these sites is just as important as freezing your credit. Doing it manually means tracking down dozens (sometimes hundreds) of data broker websites and sending formal removal requests and repeating the process every few months as your info pops back up.

Data removal services can handle this automatically, requesting removals from dozens of data brokers at a time and monitoring for re-uploads. It's one of the simplest ways to cut off scammers at the source and keep your retirement profile off the web.

While no service can guarantee the complete removal of your data from the internet, a data removal service is really a smart choice. They aren't cheap, and neither is your privacy. These services do all the work for you by actively monitoring and systematically erasing your personal information from hundreds of websites. It’s what gives me peace of mind and has proven to be the most effective way to erase your personal data from the internet. By limiting the information available, you reduce the risk of scammers cross-referencing data from breaches with information they might find on the dark web, making it harder for them to target you.

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Step 5: Watch for warning signs of identity theft

Even with strong protections in place, it pays to stay alert. Here are a few red flags to watch for:

• Bills or medical statements for services you never used
• Collection calls about debts that aren't yours
• New credit cards or loans arriving in your mail
• Denials for credit or insurance you didn't apply for
• A sudden, unexplained drop in your credit score.

If you see any of these, act fast: file a report at IdentityTheft.gov, contact your bank or creditors and double-check that your credit freeze is active.

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Kurt's key takeaways

Retirement should be about peace of mind; you've earned your retirement. Protecting your credit score may not be the most exciting task on your to-do list, but it's one of the smartest. By monitoring your credit, freezing your file, removing your data from broker sites and staying alert for red flags, you can keep scammers out of your finances and focus on enjoying the retirement you deserve. Want to take one major worry off your list? Start by having your personal information automatically pulled from the internet. It's an easy way to reduce your digital footprint and keep your credit and your retirement fund safe.

Should more be done to protect retirees from identity theft and financial scams? Let us know by writing to us at Cyberguy.com.

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