Identity Theft - Dont Think You Are Immune
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.
MORE RESOURCES:
Credit Card Overhauls Seem Likely New York Times, United States - By JANE BIRNBAUM Consumer advocates say regulation of the credit card industry has long been without teeth. But as card holders struggle under the weight of ... Congress want's to spy on your credit card purchases. |
 BBC News | Credit crunch: UBS piles $7.5bn on to its write-down bill guardian.co.uk, UK - The Swiss bank said that if it managed to break even in the second quarter it would only be due to an unexpected tax credit. The bank, once renowned for its ... Tax Credit Saves UBS From Large Loss Helped by tax credit, UBS expects to beat analyst forecasts for ... Tax credit to save UBS from another hefty loss |
When Credit Gets Tight, a 401(k) Loan Becomes Tempting New York Times, United States - Banks are frantically reducing the credit lines on existing home equity loans. Credit card issuers are deploying similar tactics. That makes 401(k) loans a ... |
 Boston Globe | Crisp snares the ball, but doesn't get credit Boston Globe, United States - Coco Crisp's glove touched the ground, but the ball never did as he caught Derek Jeter's liner. Still, umpire Wally Bell ruled that Crisp trapped the ball. ... |
 Javno.hr | CGFS calls for credit ratings change Financial News, UK - According to the report: "credit rating information should support, not replace, investor due diligence; CRAs should enhance the information underlying ... Builder Toll Bros. has its credit rating slashed SEC’s effort to ease reliance on credit raters is limited by host ... The Cons of Consumer Credit Counseling |
Improved credit score could mean big savings Chicago Tribune, United States - If you can improve your credit scores, you will probably spend less money, perhaps hundreds or thousands of dollars less each year. ... Stay well on top of your credit score Do you take his debt when you tie the knot? National Class Action Settlement Can Help Your Rates |
Home values fed spiraling card debt Indianapolis Star, United States - To her surprise, her credit-card limits soared even more. One card issuer more than tripled her spending limit, to $17000. Another increased her limit 60 ... The Sky's No Longer the Limit |
Figuring out, raising your credit score should be first step of ... Atlanta Journal Constitution, USA - They want to know how likely you are to pay back the loan on time, and they look to your credit score for that information. But if you're like many home ... |
Investment advice: Surviving the cash crunch New Zealand Herald, New Zealand - An investment-grade credit rating. This is a Standard & Poor's rating of BBB- or better. UDC: Owned by ANZ and lends to businesses buying vehicles and ... EU urges credit competition City of Moore's credit rating upgraded S&P to review Starbucks credit ratings |
 AFP | Credit Mutuel makes firm offer for Citibank in Germany: sources AFP - PARIS (AFP) — Credit Mutuel of France has made a firm bid for the German retail banking activities of US giant Citigroup, which operates in Germany under ... Credit Mutuel of France bids for Citigroup Deutsche Bank Still Running for Citigroup Unit, Bild Reports Commerzbank drops out |
Protect Yourself Against Identity Theft
Identity theft is when someone uses, without permission, your personal information in order to commit any frauds or crimes. Identity theft is a felony that is becoming more and more common.
Balance Transfers Introduction
Credit card balance transfer involves using a credit card to pay off the amount outstanding on one or more credit/store cards. The total debt then moves to one card.
Give Yourself Credit
The Beginning of the Credit Card EraIn 1951, Diners Club issued the first credit card to 200 customers who could use it at 27 restaurants in New York City. From that modest beginning, credit cards have become an indispensable part of modern life.
Credit Card Debt: How To Control It
A lot of people spend more money than they can afford to repay toward their credit card debts. To regain control over your finances and to manage your debt, here are some solutions you can try.
Credit Scoring: What You Dont Know Can Hurt You
You've probably heard the term credit scoring. You may have some idea that your credit score can have an effect on your life.
What You Need to Know about Debt Negotiation on Credit Cards
Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies.
5 Things Your Credit Card Company Keeps Quiet About
Credit Cards can bankrupt you if you let them run away from you. The various Credit Cards companies are in it for profit so they will not generally alert you to things you can do to save yourself money.
Credit Repair Companies and Credit Counseling
Let's be crystal clear, right up front. Paying someone to "fix" your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months.
Cash Advance - How Does It Work?
If you want a cash advance or a payday/paycheck loan, you usually get a personal check. Some companies use your bank account or credit card in addition to or instead of a check.
Low Interest Credit Cards Have Many Advantages
When credit cards are used wisely they can be very beneficial to the consumer. A low interest credit card can be exceptionally beneficial.
Convenience Can Be Costly
You've just opened your credit card bill and attached to your statement you find a "convenience check" included. It may already be filled out with a dollar amount such as $300, $500, or even $1,000.
Credit Reports: Find out why you have been refused Credit.
You may already have 2 or more credit cards in your purse or wallet and you have just applied for a third and been declined. This can be very frustrating considering you pay off your other credit cards regularly and you are continually having your credit limit raised.
10 Step Credit Repair Guide
The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies.
Dont Dig Your Own Pit
If you want to enjoy your life out of spending, enjoy if you have your own resources and money.But don't enjoy your life by becoming a debtor to somebody.
What is Credit Repair and How Can It Help You?
There are millions of consumer credit reports on file from mainly three major reporting bureaus which include Trans Union, Experian, and Equifax. These credit gathering agencies store huge amounts of data about every person that takes out a loan, credit card, or any other line of credit.
Five Credit Card Billing Problems and How to Fix Them
It goes without saying that your first and best defense against paying fraudulent or unfair charges on your credit card is knowing what your bill says! When you receive your credit card statement each month, sit down with it and check each item to make sure that you actually DID purchase it. If you do run into inaccuracies or problems, there are procedures to follow to report and deal with the charges.
Stop Struggling Because Of Poor Credit And Improve Credit Rating Now
Did you apply for a personal loan only to be turned down by a bank or lending institution? Like most people there is always a need to borrow money to buy a car or to renovate a home or even to get a student loan. There are many reasons why people need a loan and lenders turn people down from a loan application based on ones credit rating and credit score.
Cash Back vs. Rewards Credit Cards
Ah, the sweet rewards of using credit!Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift cards, or 'reward points' that you can spend on merchandise or services from various merchants.
The Next Person With Credit Problems Got Their First Credit Card Today!
One of the focus areas of my information is the absolute necessity of changing the way a person thinks about money and debt while in the process of repairing their credit. I have seen cases where a couple will work really hard for months, and finally get their credit report to the place they can borrow again and go out and buy something on credit just because they can.
Saving Money with Credit Cards
Having a credit card is a wonderful convenience for those times when you don't have immediate access to your cash. It can allow you to purchase something on time for which you can pay later, thereby giving you the ability to afford something NOW that you'd have had to save for later.