As identity theft becomes more prevalent, the need to regularly check your credit report is very easy to see and understand. Two big headlines in the news recently point to how closely tied your credit report and identity theft are.
First, we hear of the troubles of Choice Point, a company involved in the storage and distribution of credit information. It appears some criminals set up a fake company and used it to obtain sensitive credit information. Then in turn they used it to steal the identities of about 750 people. That number will probably grow, since more than 500,000 people across the country have been put at risk.
Second, comes the story about missing computer tapes containing credit card records of more than 1.2 million of Bank of America cardholders. Most of the accounts belonged to federal government employees. This has placed the account holders in danger of increased risk of identity theft.
Both of these companies are now in the process of notifying the people of their exposure. The truly bad part of all the problems is these leaks and losses occurred months ago. These two companies were not very quick in notifying the people affected. Way too much damage could have been done before they had been alerted to the trouble.
While the headlines may change, the need to check your credit report does not. You may be very careful. You may shred your documents, the credit card and other financial solicitations you receive in the mail. You may take great care how and where you give out your financial information. Unfortunately as these stories show, it may not be enough.
Identity theft affects about 10 million victims per year. It has been estimated to cost consumers and businesses more than 50 billion dollars a year. It is easily among the fastest growing categories of white collar crime. You need to do all you can to fight theft of your identity.
A new law has been put on the books by the Congress to help combat the losses. It allows the you, the consumer to request a free credit report from the credit agencies once a year. You should not hesitate to take advantage of it. However, the law has a rollout feature which does not allow full access for all Americans until September 1 of this (2005) year.
While this is a step in the right direction, in typical fashion the government continues to leave the populace exposed. You should access your credit report much more often than once a year. If an identity theft takes place just after receiving the free credit reports, an enormous amount of damage can be done before you can review your next free report.
The Federal Trade Commission has put together a list of questions and answers concerning this new law and the effect it will have on your credit report and your risk of identity theft. They can be helpful to you in determining your rights under the law
It makes sense to check your reports regularly, as often as, on a monthly basis. This may seem a bit much to you, but just ask a person who has had their identity stolen how much hassle it is to take your life back. They will tell you it is well worth the effort. Let's face it, no one cares as much as you, about your credit record, and the damage that identity theft could cause in your life.
(c)2005 David Wilding
David Wilding has for the past ten years worked with groups and individuals to rid their lives of debt. Visit his website for more ideas, tools, and strategies to get rid of your debt.
1. Payment History -- 35%The number of accounts paid as... Read More
Identity theft is the fastest growing crime according to the... Read More
Under the Fair Debt Collection Practices Act, collectors are not... Read More
Anywhere you go online nowadays, you will see a multitude... Read More
Negotiable instruments like checks and drafts have become an indispensable... Read More
Most families in America today have a credit card; some... Read More
You've just received a "pre-approved" credit card offer in your... Read More
Having a credit card is a wonderful convenience for those... Read More
Congress passed the Fair Credit Reporting Act several years ago... Read More
What are inquiries?When you apply for credit the creditor or... Read More
Owning a credit card can be quite an advantage. Whether... Read More
Your credit rating / credit score is based upon how... Read More
It's the number one complaint from consumers and it only... Read More
It is important to know your credit rating for a... Read More
Having credit education is like knowing how to read. It... Read More
And some practical advice too!My first credit card?I remember my... Read More
There are times when you may be turned down for... Read More
#1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More
There is almost nothing more troublesome than having too much... Read More
Credit has become a much-used word, thanks to the various... Read More
Credit card debt is a growing sickness in the United... Read More
A bad credit history can sometimes seem like a curse...... Read More
Just as there are too many credit card companies to... Read More
For those of us who know how to use them... Read More
Are you thinking of buying a house? Do you want... Read More
So-called "credit repair" companies claim they can remove negative information... Read More
Let's face it, if you are facing the possibilities of... Read More
Credit scores: all lenders use credit scores to determine interest... Read More
STUDENT CREDIT CARDS With graduate debt averaging... Read More
1- Check your credit report regularly2- Secure personal information in... Read More
Credit card debt is a major social problem in some... Read More
Credit Cards can bankrupt you if you let them run... Read More
Someone impersonating you could be spending your hard-earned money.Impossible! Not... Read More
There are many misconceptions about credit scores out there. There... Read More
There are times when you may be turned down for... Read More
With interest rates rising, low or zero percent credit cards... Read More
These days, credit cards in the UK are competing with... Read More
A new sickness is plaguing the UK called Denial. Denial... Read More
By now, you have undoubtedly heard of credit card fraud,... Read More
This summary of the Fair Credit Reporting Act will explain... Read More
Most businesses want to be able to borrow money when... Read More
Most of us want a good credit report to obtain... Read More
It goes without saying that your first and best defense... Read More
You got creditors calling you everyday. You could lose the... Read More
Ever wondered what is Credit Counselling? There are occasions when... Read More
In my previous article "Establishing Credit ? What You Need... Read More
WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying... Read More
As a consumer you've learned the importance of establishing a... Read More
How many of you bank, shop, or transact other business... Read More
If you find that creditors are calling you almost daily... Read More
FACTA stands for Fair and Accurate Credit Transaction Act. FACTA... Read More
What is a balance transfer?A balance transfer can be explained... Read More
Identity theft statistics are shocking. And we are told that... Read More
If you were to tell someone that they can have... Read More
Let's be crystal clear, right up front. Paying someone to... Read More
The good thing about bad credit is that you can... Read More
INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part... Read More
While working through my own debt situation, and helping others... Read More
A line of credit, roughly defined, is the amount of... Read More
There is almost nothing more troublesome than having too much... Read More
For people with a spotty credit history or bad credit,... Read More
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More
Years ago your credit score was a big secret, known... Read More
TURBO-CHARGED KILLER RATE SAVING INFORMATION!Let's just take a brief moment... Read More
There are a couple of reasons for this. You can... Read More
As you probably know, interest rates are at all time... Read More
Credit |