Online Credit Report: Saves You From Identity Theft |
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Just as every coin has two
sides, online credit report has its two faces too. It's fabulous to know that you get your online credit report in an instant. But, imagine getting it in the wrong hands! In an instant, your credit score will be in shambles and the worst thing can be that you may not even realize, or realize it too late to do anything about it. "Instant" is a mania of Americans today. Instant coffee, instant fun, instant food, and now the instant online credit report! But the flip side to instant is that it does not always ensure good results. An online credit report is a record of payment history, which relates to instant accounts such as mortgages, cards, auto loans and installment debt. Online credit reports are so easily accessible nowadays that they have increased the risk of falling in the hands of swindlers. This may prove quite detrimental for the consumer. Identity theft has swept the whole of United States in the recent years. It's as simple for a shrewd person to steal your identity, as it's easy for you to get your online credit report. Imagine a case in which a person drops his/her purse on the street and the purse contains their social security number. How easy it would be for someone to get your social security number! Although people normally don't roam around with their social security numbers in their purses or wallets, yet only a few efforts are needed for a sharp mind to snatch your social security number, credit cards, and other identifications by hook or crook. Having obtained this vital information, they can also access your online credit report in a bid to find out whether your credit is worthy for them. Once they find your credit valuable, nobody can stop them from going on a shopping spree and ruining your credit score with impulsive purchases! The thing about identity theft is that you may be a victim and yet not have a hint of it. Therefore, it is crucial to be in constant touch with your online credit report. This enables you to detect even a slight difference in your credit items listed in the report and correct it in time. Thus, checking your online credit report can save you from being the next victim of identity theft. To be a smart consumer, you should be aware of the three major instant bureaus: Equifax, Experian and TransUnion. These are popularly known as instant reporting agencies' or CRA's. Each account listed on an online credit report is called a trade line'. An online credit report provides information on the current position of the account, the high instant balance, the type of account, the time of opening or closing the account, the name of the creditor, and also any law-breaking act. As an online credit report shows when the account was activated or wiped off, it lets you to claim for any disagreement or a need for updating, in case of any error. This right of the consumer to demand a justification on a dispute is known as the Fair Credit Reporting Act (FCRA). An online credit report displays other information such as collection accounts, public records or fraud alerts. Public records comprise foreclosure, bankruptcy, tax liens judgments or other legal action. An online credit report also tells who has had access to the report. These are generally called inquiries' that will reveal the name and address of the person or company, which has accessed the report. This is very helpful amidst the growing threat of identity thefts. You have to make sure that the accounts listed in your online credit report are accurate and should also inquire about the people who have accessed your online credit report. Unknown accounts or an illicit inquiry of your report normally implies an identity theft or some other fraud. Although identity thefts have raised an alarm all over the United States, you can escape from its clutches by being an alert consumer. Check your online credit report annually, monthly, or even quarterly; and you can be successful in outsmarting a witty racketeer! |
