Home > Identity Theft > Free Credit Report Beware! Identity Theft Is On The Rise
Free Credit Report Beware! Identity Theft Is On The Rise |
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There are three major instant bureaus; they are Equifax, Experian and TransUnion. These are commonly referred to as instant reporting agencies or CRAs. Each account listed on a
free credit report is known as a trade line and a free credit report will contain information concerning the current status of the account, the high instant balance, the type of account, when the account was opened or closed, the name of the creditor and any delinquency information. Identity theft has become a huge problem in America in the last few years because with just a Social Security number and a little bit of work, anyone can steal your identity and obtain credit cards, identification, loans, and more in your name. With this information, they can also obtain a free credit report in your name, find out if your credit is of value to them, and then subsequently destroy your credit with a slew of rash decisions using your name! It is often important for people to stay updated with the status of their free credit report just to be sure that no errors are made within it. However, it is becoming increasingly important that people check their free credit report just to avoid being the next victim of identity theft without even knowing it. A free credit report will show if an account is days past due or if it has been charged off. This act let's you dispute charges, which may be contained on bureaus in the event it is inaccurate, or needs to be updated. This law is known as the Fair Credit Reporting Act (FCRA)! Consider this situation: You lose your purse or your wallet. Though it is not generally recommended, if you had anything within either that had your Social Security number on it, you could be the next victim of identity theft. Whoever finds your purse or wallet could easily obtain a free credit report online! They could then use that free credit report to obtain all of your personal information and credit information and easily steal your identity without you even having a clue about what is taking place. A free credit report will also indicate other information such as collection accounts, public records or fraud alerts. Public records can include foreclosure, bankruptcy, tax liens judgments or other legal action. A free credit report will also include information on who has had access to the report. These are commonly known as inquiries, which will show the name and address of the party or company, which has accessed the report. It is important to review your free credit report to make sure the accounts listed are accurate and to see who has obtained your free credit report. Unknown accounts or unauthorized inquiries are often a sign of identity theft or other fraud. While the word "free" continues to grow in popularity in America so does the concept of identity theft. It is reported that thousands of Americans every year are the victims of identity theft with many of them not knowing that their credit is destroyed until it is too late. A Free credit report make it easy for a scam artist to find out any and all information about you - giving you just another reason to keep updated with your most recent free credit report. Your free credit report is a concise listing of how you pay your bills. All of your credit card accounts and loans are listed. Other bills you pay may be listed also. Your phone bill payment history, electric bill history, and even your cable bill payment history may be listed if they have been delinquent or are in collections. To creditors your free credit report is a financial report card. It's important to realize that a creditor is anyone to whom you owe money. Only certain individuals are legally authorized to obtain a copy of your free credit report. Usually you sign a document giving your permission before this is done. That document could be anything from a credit card application to a rental housing application. The reason people look at your free credit report is to assess risk. They want to know how risky it is to lend you money, rent an apartment to you, or even employ you. So order a free copy of your free credit report and check it carefully, as identity theft can dupe you and in the end you will be the one who lose your wealthy credit status. |
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