Credit Monitoring
can help when consumers need increased focus on fiscal
responsibility and identity theft
Experts agree that individuals need to monitor their credit
reports regularly. It's important to check your credit report
regularly to verify your accounts, look for suspicious activity
and correct any errors. In addtion, it's the best way to ensure
you get the credit you deserve.
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Identity theft has gained an increasing amount of
attention with the upsurge in incidents that cost the
victims thousands of dollars and untold hours to clean
up the mess caused by the thieves.
The Federal Trade Commission estimates some 10 million
individuals a year become victims of identity theft
and over $50 billion annual losses. And recovery of
stolen name and credit history has become increasingly
lengthy and tedious - not to mention the loss of actual
money.
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To make matters worse, the number of reported cases of data
security breach is exploding. In 2005 alone, ChoicePoint,
LexisNexis, Citi Bank and other companies have suffered major
infiltrations to their databases. It seems that a new identify
theft incident is reported or occurs without being reported
everyday.
Everyboady is Vulnerable in Digital Age.
In this digital world, more and more information is being
digitized. This makes it easier to find the information but
also makes it easier for criminals. Modern thieves are using
massive digitized databases to access and steal consumers'
personal information. Most credit card thieves concentrate
on raiding databases maintained by merchants, financial firms,
and credit reporting services.
As long as companies continue to warehouse information, consumers
are sitting ducks for identity theft. This is not a case of
people being careless about their passwords or documents or
the security of their PCs. But the weak link in the chain
of authorizations, authentications, passwords, access controls
and data warehouse administrations will keep consumers on
the verge of identity theft crimes. You can't prevent this
kind of theft however careful you are with your personal information.
Check Your Credit Report Regularly
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The single best defense against prolonged damage
from identity theft is to frequently review your credit
report information for signs of incorrect information
and accounts that you did not open. Early detection
and immediate action is the only way to stop the damage
that can be done when your personal information is fraudulently
used.
faster you can stop an identity thief from doing serious
damage to your credit history.
Request a copy of your credit report and review all
the information on it at least every six months. If
there is anything that is unfamiliar to you, such as
a credit card or a bank account, ask the credit bureau
how and when the account was opened. If it was not your
doing, call the financial institution providing the
account in question and alert them immediately. |
Credit Monitoring Service
Credit monitoring has been one of many services brought to
market in recent years to fight the identity theft problem.
Such services promise to detect identity theft -- sometimes
catching it before it starts -- by notifying consumers of
changes in their credit files.
In addition, you'll get either a single report from one of
the three major credit bureaus Experian, Equifax or TransUnion
-- or a three-in-one report with information from each bureau.
You may also get an estimated credit score and advice on improving
it.
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