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Identity Theft - Additional Protection for Soldiers on Active
Duty
Congress passed the Fair Credit Reporting Act several years
ago in an attempt to smooth out some problems in the credit
reporting industry. The best known provision of this Act is one
that permits Americans to receive a free copy of their credit
reports from each of the three main credit bureaus once per year.
So far, this provision of the Act has been a success. A
lesser-known provision of the legislation is one that is intended
to protect active duty military personnel from being victimized
by identity theft while they are out of the country.
Identity theft is a crime committed by someone who obtains
personal information from a victim and then uses that information
to obtain loans or credit in the victim's name. While the thief
is making off with the money, goods, or services, the victim is
left with the bills. Being a victim of identity theft can be
difficult for anyone, as it often takes several years to undo the
damage done to the victim's credit report. Identity theft can be
even more difficult if the victim is an active duty soldier
serving outside the United States. The average victim of identity
theft takes nearly a year to discover the crime; it will
undoubtedly take even longer if the victim is outside of the
country. The amendment to the Fair Credit Reporting Act allows
active duty personnel who are away from their main duty stations
to place an "active duty alert" on their credit reports. The
presence of this alert requires any creditor to verify the
identity of the borrower prior to granting credit in his or her
name. Since it isn't usually possible to contact a soldier who is
outside the country, this effectively freezes the credit report
of the individual until they return from overseas service, thus
protecting them from identity theft.
If you are serving the country in a military capacity, away
from your active duty station, you may enact an "active duty
alert" by contacting one of the three credit bureaus: Experian,
Trans Union, or Equifax. It is only necessary to contact one
company; that company will inform the other two. At that time,
you may also designate a personal representative who will act on
your behalf while you are away. This alert is active for one
year, and may be renewed.
Military personnel who are serving the United States in a time
of war have enough to worry about without having to be concerned
about identity theft. The Fair Credit Reporting Act leaves them
with one less thing to worry about.
©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
establishing credit, debt
consolidation and credit counseling, and HomeEquityHelp.com, a
site devoted to information regarding mortgages and home equity lines of
credit.
MORE RESOURCES:
Clock ticks down on credit bureau class-action dealIndianapolis Star, United States - 37 minutes agoIn a class-action settlement, credit bureau TransUnion has agreed to provide free credit- monitoring services to millions of consumers to settle claims it ... |
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
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