When Identity Theft Steals Your Credit Report
Contributed by Roland Head
When the unexpected happens to your credit report
Your credit report may become affected by conditions out of your control. It has been reported by the Federal Trade Commission that nearly 215,000 cases of identity theft occurred in 2003 nationwide. The prevalence of identity theft means that it could happen to anyone. When it does happen, it has a very adverse effect on your credit report. Even though you're totally innocent of wrong-doing, you pay the price.
Identity theft may be very difficult to stop. You can't do it by just buying a shredder. Beth Givens, director of the Privacy Rights Clearinghouse, says keeping an eye on your credit report is your best defense.
Getting your free credit report
At www.annualcreditreport.com you can log in to receive a free credit report from each of the three major credit bureaus: Experian, TransUnion, and Equifax. The Fair and Accurate Credit Transactions Act (FACTA) has made this happen. The residents of different geographical locations within the country become eligible at staggered time periods to apply for their free credit report.
The credit reports are complete in every detail and it would be quite easy to detect any foul play. Even if you're not making any financial moves, you should check your credit report to verify the record. This is how you protect against identity theft.
Once a year may not be enough. Three times a year is recommended. If you do not want to pay, you can get a single credit report off the internet for free from one of the credit bureaus.
