Warning: Free Credit Report Imposter Websites Springing Up on the Web
A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer credit reporting companies to provide consumers with a free copy of their credit report, upon request, once every 12 months.
Access to the free credit reports has been phased in beginning last December in the West and will finally be nationwide by 1 September. This is good news to consumers.
However, a new form of phishing, is manifesting itself even before access to free credit reports is available for all Americans.
The new law that requires the three national credit bureaus to provide a free annual credit report to consumers, has met with the law of unintended consequences. Although the law was initially created to help thwart identity theft, the process for requesting the free credit reports may in fact contribute to further identity theft or loss of privacy.
While the intent of the law was to make it easier for consumers to check for errors and possible evidence of identity theft in their credit reports, according to a new report by the World Privacy Forum, more than 200 imposter websites have sprung up trying to exploit one of the methods made available for consumers to apply for their free credit reports.
One of the methods by which consumers can apply for their free credit reports is through a website that was established jointly by the three credit bureaus. The official website for applying for the free credit reports is at http://www.annualcreditreport.com
But, if the identity thieves and other unscrupulous internet swindlers have their way, part of the very process sent up in an attempt to curtail identity theft, will leave consumers vulnerable to further loss of privacy.
The online pilferers create websites with domain names that are very close to the official website www.annualcreditreport.com. By registering similar names or close misspellings, such as wwwannualcreditreport.com (note the missing dot), creditannualreport.com and www.freeannualcreditreports.com they hope to entice consumers to unwittingly enter their private information into online web forms, thinking that they are on the official website.
Depending upon the level of personal information detail captured from the imposter websites, the swindlers can then use the garnered information for illegal purposes, sell the information to purveyors of personal information databases, or they can simply send the unsuspecting consumer to commercial websites.
While the majority of imposter websites, simply gather names, addresses, and email addresses and then send the consumer on to advertising sites, some sites attempt to gather social security numbers, birth dates, and other sensitive information.
To guard against the possibility of entering personal information on an imposter site, consumers can go to the official website from a link off from the www.ftc.gov website or call the official toll free number (877-322-8228) to get the free copy of their credit report.
Note: Strange as it may seem, your free annual credit report does not contain your credit score. For more information on your credit score, what it is, how it is used, and why it is important, see the resource box below.
Copyright 2005 George Dodge
George Dodge has been developing on the Web since 1994 and is owner of http://www.The-Credit-Repair-Center.com a source of information on personal finance management. For information on how you can also get a free copy of your credit score (which is NOT included with your annual free credit report), click here -> http://www.The-Credit-Repair-Center.com/scores/credit-scores.html Your Credit Score - Do You Know What It Is?
MORE RESOURCES:
 BBC News | Former Credit Suisse broker arrested in US Swissinfo, Switzerland - A former Credit Suisse broker has been arrested for fraud and conspiracy over deceptive sales of subprime-related auction-rate debt in the United States. ... Former Credit Suisse broker charged with subprime-linked fraud in ... UPDATE 1-FBI arrests ex-Credit Suisse broker Criminal charges for ex-Credit Suisse brokers |
S&P cuts O'Charley's credit ratings CNNMoney.com - S&P on Thursday cut the company's corporate credit rating to "B+" from "BB-" and its senior secured credit facility rating to "BB" from "BB+. ... Cut north-west or bust Upstate NY water authority rated AA |
 CEP News | S&P upgrades Raytheon credit ratings 1 notch CNNMoney.com - S&P upgraded the company's long-term corporate credit rating to "A-" from "BBB+." The outlook is "Stable." The Waltham, Mass. ... S&P puts Fifth Third on credit watch Credit rating soars in District 300 Starbucks downgraded to 'BBB' on weakening credit metrics - S&P |
When the Bank Closes Your Credit Account Washington Post, United States - By Joan Goldwasser Q I received a notice from Capital One that it is closing my credit card account because of inactivity. If the company closes the account ... Capital One Spurned Mortgages For Credit Cards - CFO |
The Upcoming Technology of RFID For Contactless Access Control ... MarketWatch - This technology is now being rolled out in the UK and around the World for so called 'BioMetric passports' and credit cards because there are no physical ... |
Credit Crunch: The Sequel U.S. News & World Report, DC - And that certainly seemed to be the case in March when investment bank Bear Stearns became the highest-profile victim of the credit crisis. ... UPDATE 1-US banks' direct borrowing hits record in week UPDATE:Comml Bks Set Record For Avg Discount Window Borrowing The Market: What the Pros Are Saying |
Legg Mason's stock hit by Credit Suisse downgrade Reuters - Credit Suisse analyst Craig Siegenthaler downgraded Legg Mason, the No. 2 publicly traded US asset management company, to "underperform" from "neutral," ... After Credit Suisse downgrade, Legg shares fall Legg Mason leads financials lower Legg Mason shares slide after ratings downgrade |
 CBC.ca | Canada bank CEOs see more credit crisis uncertainty Reuters - By Lynne Olver CALGARY, Alberta, Sept 5 (Reuters) - Fallout from the US subprime mortgage crisis and subsequent credit crunch has left nagging regulatory ... Markets still rocky but underlying environment 'benign': Deutsche ... |
Credit Suisse appoints India investment banking MD Hindu Business Line, India - MUMBAI: Credit Suisse on Friday announced the appointment of Mr Pankaj Kalra as the Managing Director of its India investment banking department. ... Credit Suisse hires Merrill banker in India Credit Suisse appoints Pankaj Kalra, MD, investment banking Merrill Lynch Hires Dick Barrett and Mark Ellman to Strengthen ... |
UPDATE 2-Lehman credit spreads widen amid KDB speculation Reuters - Lehman's credit default swaps rose 20 basis points to 345 basis points, or $345000 per year for five years to insure $10 million in debt, from 325 basis ... Credit crunch: Small Korean bank in $6bn bid to rescue Lehman Southpaw: Blood now, pay later: banks get ready for bonus season Lehman nears rescue deal with KDB |
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