|
Identity Theft – Monitor Your Credit Report
By: Charles Essmeier
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.
About the Author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro
Marketing, a firm devoted to informational Websites, including
www.End-Your-Debt.com,
a site devoted to debt consolidation and credit counseling, and
www.homeequityhelp.net,
a site devoted to information regarding home equity lending. |
