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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.
MORE RESOURCES:
Credit - Google News
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