That unreturned library book could threaten your credit score if it becomes a permanent fixture on your shelf. According to the New York Times, The FICO system, whose credit scores lenders use to determine whether you're credit-worthy and how favorable to set the terms, is set for a makeover. An BillMeLater is a new service that does what its name says: you can buy something paying using BillMeLater, they'll front the cash, and send you a bill later, but, Angela P. Williams tried for more than a decade to clear up her credit report after Equifax confused her records with those of a person with bad credit but a similar name. The company denied any wrongdoing, We focus so much on identity theft and safeguards against it that it may seem like freezing your credit is the only solution in a world of identity thieves. That may or may not be an accurate assessment (ask me the next time my credit card is duped), but credit freezes aren't for everyone. Consumerism Commentary offers a sort of beginner's guide to the topic for readers who are trying to decide if it's right for them.

As they point out, if you're about to use your credit to buy a house, open a new line of credit or take out a loan, rent an apartment, etc., you'd be wasting money and time freezing it right now. If you weren't planning on doing anything that requires credit or credit checks, it's probably the simplest and most foolproof way to protect yourself from future identity theft.

However, it won't have any impact on current accounts—if your active credit card is stolen, the thief will still be able to use it until you notice it's missing and cancel it.