Consumer Credit Reports and Identity Theft
Contributed by Melanie Vannuys
Consumer Credit Reports and Identity Theft
Identity theft is fast becoming "the crime of choice" through North America and one of the best ways to protect yourself is by keeping track of your consumer credit report. According to the Federal Trade Commission, 27.3 million Americans have been the victim of identity theft or fraud in the last five years, including 9.9 million just in the last year.
Thanks to the Fair and Accurate Credit Transactions Act (FACTA), new consumer protections are in place. Among the most important to consumers is the right to obtain a free copy of your credit report every twelve months from any of the three credit bureaus, Experian TransUnion or Equifax. Keep in mind, however, this is rule is strictly adhered to. If you obtain copies of your credit report in March of 2005, you will not be eligible again until March of 2006.
However, if you think you have been a victim of identity theft or if you believe there are inaccuracies on your report due to fraud, then you will be eligible to get another copy of your credit report, even if your year is not up.
What Do I Do If I Suspect Fraudulent Activity On My Consumer Credit Report?
If you suspect that you are the victim of identity theft of fraud, you can put a fraud alert on your credit file. This will require creditors to take additional steps to verify your information and identity before issuing credit in your name. All though each credit bureau lists different information on your credit report, in the case of identity theft, you need only contact one bureau and they will contact the other two on your behalf.
Once you place the fraud alert on your consumer credit report, it will remain there for ninety days. If you need it to remain longer, you will need to inform the federal, state or local law enforcement agencies and provide proof to the validity of the suspected fraud.
