Credit Report Identity Theft

In an age of technology, credit report identity theft is inevitable. Easy access to private information becomes consumer and theft friendly. People want faster service with little fuss on their part. The faster and fewer hassles involved in service and obtaining private information usually related to a service, the easier the process for thieves to steal a person's identity. An individual's responsibility lies in protecting them self from credit report identity theft. A person shows responsibility when they access a free yearly report. By federal law, a person can obtain a free credit report one time a year. Obtaining the account is not the only step needed. A person needed to know what the credit report, also known as a credit history, says and how to interpret what the account shows. The history is a look into an individual's past and present financial, personal, and legal details. The history looks at amounts borrowed or paid. In reviewing the history, an individual becomes proactive and can take preemptive measures to avoid credit report identity theft.

In familiarizing oneself with the report's information, an individual will see when fraud and errors occur and if credit report identity theft occurred. Other ways to know if identity theft happened involves applying for loans and being rejected or being offered higher interest rates. Higher interest rates, larger down payments, or rejection can show that a person's credit score on the report is low. A loan officer will determine the worthiness of a loan applicant based on what the history shows. Loan worthiness is reflected by past and present payments, the ability and willingness to make payments on time, and what bank records depict, such as amounts and times of deposits, withdrawals, and current balances. Balances are reviewed through a standpoint of monthly, yearly, and average transactions.

Technology enables data breach. Breaches occur through stolen passwords, a computer virus, or out-of-date firewalls. To better protect oneself from credit report identity theft, a person should take a few precautions when making transactions or handing out personal information over the Internet. Computers should be updated on a regular basis to keep current in firewall protection and the latest virus protectors. A person should never keep passwords close to the computer and should change passwords on a regular basis. An individual should only hand out private information if companies and sites offer data protection and encryption services. Encryption is a special means of protection that allows computers to foresee that the person obtaining or giving information is who him or her say they are. Other methods involved in Internet security breach involve scams. Some companies and individuals make a living by swindling others of their cash or personal information. Emails sent from an unknown sender must not be opened. Personal information should never be given if any part of the transaction does not seem right. Most companies offer encryption technology for security and privacy protection. To be safe, a person should access a correct site by typing out the correct web address and then saving the accessed location as a bookmark. Many company sites, government sites, and individual sites will ask or provide an option for bookmarking.

Credit report identity theft also occurs when personal items, such as wallets and purses, are stolen. Measures for protection and ascertaining one's rights ought to happen as soon as identity theft occurs. When theft occurs, the victim of theft must call their bank, creditors, and other financial and personal entities to warn of potential credit report identity theft and determine the proper methods to avoid further theft and fraudulent occurrences. The victim needs to call the police and file the appropriate paperwork. The victim needs to be respectful but firm in filing reports and know what a victim's rights are. Aggressive action will help further protect and restore a person's privacy. The following is a list of aggressive moves a victim should potentially take: issuing a security freeze or fraud alert on all accounts by creditors, receiving replacement cards with new numbers, being aware of false collection companies, and making contact via phone and written methods.

If involved in credit report identity theft, the victim should keep records of all communication and other transactions. The best recording methods involve keeping track of date and time of call or transaction, the name and department of the customer service representative at the time of communication. If possible, notes of the discussion should be taken to the person's best ability. In communicating with companies, a person should be extremely cautious with whom he or she speaks. Thieves have taken the identity of collections agencies. An individual needs to be wary of anyone trying to obtain private data. If anyone calls claiming to be a collector of an unpaid bill, an individual must not give in to the persistence of the 'collector' on the other end of the line. For this reason, great importance lies in knowing what a person's past and present information says. An individual should never pay, even a portion, of a bill if he or she does not believe money is owed or does not know the 'collection' companies claim. Legal assistance happens with greater ability if the victim of fraud has not caused further damaged by giving out more information that is personal, other data, or made a payment to a 'creditor' or 'collector'. "Be watchful, and strengthen the things which remain, that are ready to die: for I have not found thy works perfect before God" (Revelation 3:2).

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