Identity Theft ? Monitor Your Credit Report

The recent security breach at credit card processor CardSystems Solutions has many consumers worried. Thanks to a well-placed computer virus, nearly forty million credit card numbers were stolen, and cardholders nationwide are justifiably concerned about identity theft. Should a thief steal your identity, he or she could run up thousands of dollars worth of debt in your name and it could take years to sort out the ensuing financial mess.

Fortunately, a relatively new tool is available to consumers to help alert them to potential fraudulent activity on their credit record. Each of the three main credit bureaus offer a subscription-based credit monitoring program, as do numerous banks and financial institutions. Fees vary, but $50 or so per year is typical. The bureaus will notify consumers of activity conducted under their names, including the opening of new accounts, changes of address, credit inquiries from lenders, late payments and lawsuits and liens. Notification can come in the form of e-mail or even a message to your cell phone, if you like.

Should you be notified of suspicious activity, you can then call the appropriate agency, be it a lender, the credit bureau itself or the police, if necessary. The packages vary in both prices and features, so interested consumers should shop around to find a plan that works to fit their needs.

A free alternative is to obtain a free credit report. Thanks to a law passed last year, Americans can obtain one free report from each of the three credit bureaus per year through a special Website. By obtaining one report every four months, consumers can keep an eye on activity under their name for free. This is not nearly as effective as subscribing to a monitoring plan, which will notify you when activity takes place, but it is better than doing nothing at all. With the recent security breaches by major credit card processors, consumers who are worried about being victims of identity theft have genuine concerns. The credit bureaus are doing what they can to help, and the monitoring programs and free credit reports are a step in the right direction.

©Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending.

---

Choosing a Credit Counseling Company

If you have considered credit counseling as an option to... Read More

Credit Card Debt: One Way To Avoid It

One of the biggest problems people have in these modern... Read More

10 Simple Steps to Manage Your Credit

By far the greatest invention the banks have ever come... Read More

Simple Identity Theft Protection

How many of you bank, shop, or transact other business... Read More

How To Avoid Becoming A Victim of Identity Theft

With identity theft statistics currently at an all time high,... Read More

What is Credit Repair and How Can It Help You?

There are millions of consumer credit reports on file from... Read More

Beware of Bogus Credit Repair Companies!

So-called "credit repair" companies claim they can remove negative information... Read More

Fixing A Credit Report

Fixing a credit report starts with seeing what's on it.... Read More

Can You Acquire Good Credit Overnight? You Bet

Your credit file may not reflect all your credit accounts.... Read More

ChexSystems: Alternative Options for People Whove Been Checking Accounts

Individual banks elect to become members of ChexSystems, and to... Read More

Repairing Your Credit Score and Clearing Derogatory Marks on Your Credit Report

Raising your credit score can be a fairly simple and... Read More

Can Credit Search Entries Affect Your Ability to get Approved for a New Loan in the UK?

About Search Entries:Every time a lender checks your credit history... Read More

The Ghost of Expected Surprises

Here, Cratchet, what do you think you're doing?Uh, er, leaving... Read More

Tips For Getting Your First Credit Card

Most of us get a credit card on our name... Read More

Choosing the Right Credit Counseling Agency for You ? Some Tips Part 2

Credit counseling companies come in all shapes and sizes. Whether... Read More

Fight Credit Card Fraud with Common Sense

By now, you have undoubtedly heard of credit card fraud,... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an... Read More

5 Steps You Can Take to Get Paid!

There are always some companies that have past due invoices... Read More

Consolidating Credit Cards

Credit card consolidation is a popular solution for those with... Read More

How to Dispute Credit Report Errors

Your credit report--a type of consumer report--contains information about where... Read More

Why Consumers Need a Nationwide Credit Freeze NOW

What do a shoe retailer, an online discount broker, and... Read More

Identity Theft Exploding: Here?s How You Can Avoid Becoming A Victim

Americans are more concerned about identity theft than unemployment or... Read More

Identity Theft - How to Protect Yourself

"Like the tan? I got tons of sun on that... Read More

Are you paying higher interest on your credit cards than you think?

Many credit card holders sign up for a credit account... Read More

How to Deal with Hire Purchase Debt

WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying... Read More

Manage Your Credit Wisely

Getting your first credit card is a big deal and... Read More

How to Repair a Bad Credit Rating

If you have a bad credit rating, then you might... Read More

Tackling Bad Credit

The first time I heard the term credit history was... Read More

Different Ways to Borrow Money

There are many different ways to borrow money. Outlined below... Read More

My Credit Card Application Was Rejected! Now What?!?

No doubt, you've probably gotten literally hundreds of credit card... Read More

Credit Report Secrets: Do You Know What They Reveal?

If you've ever applied for a credit card or loan,... Read More

Finding What is on Your Credit Report

A credit report is basically a file about you kept... Read More

SuperCharged Secret 3, Credit Card Utopia

TURBO-CHARGED KILLER RATE SAVING INFORMATION!Let's just take a brief moment... Read More