Identity Theft Prevention
January 4, 2008
Identity theft and need to feel secure in an increasingly insecure world drives millions of Americans to checking their credit report. Still not enough do this and those who do may not know what to look for.
The common information in a credit report are: Personal Information including your name, address, marital status, your current and former employment information.
Reported monthly accounts is where many of the identity theft issues seen. This section includes status of your debts to finance companies, commercial lenders, charge card creditors, larger department stores, etc. The type of account, your credit limit, outstanding balance, the age of your account and your payment habits show up here. Also if you are in default and have not paid any of these accounts, it will show up here.
Public records section is where you find past and present law suits, bankruptcies, liens, and court judgments. As of writing of this article this is the first section you will see in your credit report from ©Experian.
Inquires section shows the detail requests made about your credit history and identifies the who and the when for the last 12 months. Potential lenders interpret too many inquiries as a potential financial disaster looming in the horizon and may shy away from extending you credit or may charge you more to do so.
When you get your credit report, go through it with a fine-tooth comb. From the correct spelling of your name and address to all the inquires made. From your employment information to the the amount you owe on your gas card.
Is your marital status correct? Are they reporting closed accounts correctly by showing “closed by consumer?” Do account show up more than once? Is the history of payments, late or otherwise, reported correctly?
If you find errors, it is your responsibility to report them. The Fair Credit Reporting Act offers a great deal of consumer protection but all of it is no good if you don’t take the steps necessary. Communicate in writing and through certified mail-return receipt serving as proof that they have received your dispute. Follow up after thirty days is you did not receive a response.
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