Credit Monitoring – A Buffer Zone Between You And An Identity Thief
There are 3 credit bureaus in the country that process all credit information. These 3 companies are connected and act almost as one. Every year, about 10 million people in this country have their identities stolen. It’s wise to hire a credit monitoring company to help you keep an eye on your financial and personal information.
Bringing in a company to help you check the reports from the bureaus can help protect you. They will check the reports from all the bureaus and take note of any suspicious activities. Examples of inconsistencies might be a submission of a new application or a new account opening. However, they can not catch everything. It’s important to double check.
A company that monitors financial information in this way can only go by numbers on a screen or a piece of paper. They may not notice that an account that has been dormant for months is now suddenly active. To do your on check you can order monthly reports from the 3 bureaus that will show up all in one report. The first one is free and after that you will need to pay for each report.
If you do find a problem notify one of the bureaus. They are all connected so their reports will reflect any suspicions. At that point, they must provide you regular reports until any irregularities are corrected. You may want to consider a freeze on all your cards as well.
Most thefts of this nature involve perseverance and dumb luck more that cleverness to hack into this data. A report in 2010 stated that it was due to faulty codes and configuration errors that made it much easier for thieves to hack into computer data bases. They usually just keep trying passwords until they get through. Not very sophisticated, however, security personnel often overlooked log in volumes and credentials.
If you have suspicions that your information is at risk at a particular company you can ask them to do monitoring reports on your account with them. This will help you track any changes and possible violations on your account. Most companies will and should provide you with this information.
Something to keep in mind: each time you apply for a loan and get turned down it is recorded and affects your credit score. You can ask for a report, for a fee, from the bureaus. If you think there are inaccuracies then let them know. You can dispute it. This is your credit score and will affect some big decisions in your life. You’ll want to take charge… So to speak.
Click here for more information on Credit Monitoring and Credit Report and Free Credit Score
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