Consumer Credit Reports and Identity Theft (cont.)
Contributed by Melanie Vannuys
If you have already been a victim of identity theft or fraud, you can block the reporting of information that is a result of the identity theft. To do so, you will have to file an identity theft report with the credit bureau (you'll have to prove you are who you say you are). If you don't provide the appropriate information, the credit bureau may deny your request for a block.
Cleaning Up and Preventing Identity Theft and Fraud On Your Consumer Credit Report
Your consumer credit report is not the only thing that place identity theft and fraud do damage. Annually, identity theft and fraud cost consumers half a billion dollars! The average consumer spends more than 175 hours and an average of $808 fighting identity theft.
Even if identity theft is discovered, if negative credit resulted from it, it can take months and even years to have it removed from your credit report. This will result in higher interest rates, higher insurance costs and nasty calls from collection agencies.
The best thing to do to avoid all the nastiness is to protect yourself. Limit the exposure of your social security number - only use it when necessary. For instance, in most states, it's not required to be on your driver's license so remove it. Don't have your bank or financial institution print your driver's license number or social security number on your checks, either. It's too inviting for a would-be thief.
Simple actions like these can prevent a headache later on.
