Your Credit Report Is Your Most Valuable Asset for Identity Theft Protection

Keeping tabs on your credit report can be your most important weapon in the fight against identity theft. It contains all of your vital statistics, including your date of birth, legal name, any alias, current and previous employers and addresses. Keeping this information safe is a great way to prevent identity theft.

The report also shows status of your credit, current as well as past this includes a count of open and closed accounts. If your account balances are current or delinquent this is documented. It will show any bankruptcies, liens, judgments and even child support information. If a credit inquiry has been issued in your name this will show in your credit report. The report has very detailed account history information such as loan payments, credit card history as well as your current credit score.

The standard credit score numbers range from 330 to 830. The higher numbers indicate a better credit score, this will increase your ability to get a loan or revolving credit account. There are numerous credit reporting agencies around the country but the big three are Experian, TransUnion, and Equifax. These credit bureaus gather, document and distribute your credit information.

Your credit report is not used solely for financial purposes. Insurance companies typically request copies of our credit reports in order to determine their risk in providing us auto insurance. Potential employers might review our credit report in order to evaluate you for a position you are being considered for. Your credit report may also be your first hint that you have become victim of identity theft!

The criminal act of identity theft happens when your personal financial information is accessed through illegal methods and used for purchases and transactions without your knowledge. The prevalent forms of identity theft are via credit card and bank fraud.

These thieves have no personal regard to the use of your information. The result of this misuse can result in serious financial damage which can affect you for many years to come. While here are a number of things you can do to help minimize your risk of becoming a victim of identity theft we are focusing on your credit report in this article. Getting and reviewing your report is your first step in defending yourself from identity theft. Unless you make the efforts to obtain you credit reports, you may not find out that you have been targeted until the damage is long done.

In order to make sure no one has obtained your identity you need to frequently check your credit report. It may never happen to you, but it is better to be safe than sorry. If you find any inkling that your identity has been compromised you can quickly act upon it. This will avoid the many problems associated with identity theft that can take years to get over.

When you get the copy of your credit report you should first look at the section showing inquiries against this report. Every time you apply for a loan or credit card this will be documented. If you find an inquiry that you did not initiate you should notify the credit bureaus right away.

If you notice any accounts that you do not recognize as yours, notify the credit-reporting agencies. You may want to contact the financial institutions involved as well. While reviewing the report look for any bill which was paid off but still show as outstanding. If any are found notify the agency and request for it to be removed. You must follow-up personally on these corrections and make sure that your specific request has been acted upon.

We need to take identity theft seriously and always be on alert for any signs of fraud. You must ensure that your private information stays out of the hands of criminals. This will help to protect you and your families future.

Five Myths Concerning Identity Fraud   A Review of Krolls Identity Theft Shield Program   The Urgency of ID Theft Prevention   

Identity Theft - 5 Ways You Can Become a Victim - Identity Theft Protection and Credit Card Fraud

Across the country, the threat of identity theft continues to climb, this white collar crime continues to plague American consumers, and while it has a direct impact on your wallet, its not just about the money anymore. From using your medical benefits to enable illegal immigration to more insidious crimes, identity fraud criminals are continually inventing new ways to use stolen information.

1.) Drivers License Identity - In America, our driver's licenses, issued by each state's Department of Motor Vehicles or Department of Transportation, have become our national identification card. Unlike a passport, we carry our driver's license with us almost everywhere, multiplying the potential for theft. If your driver's license is stolen and used by someone who receives a DUI or DWI and then fails to appear in court, you may be arrested.

A Pre-Paid Legal membership with the Legal Shield add-on gives you access to an attorney 24-hours a day via a toll-free phone call. It's easy to understand the value of having a lawyer on call in the event that you're stopped by police and there's a warrant for your arrest for failure to appear in court.

2.) Medical Identity - When someone uses your name, Social Security Number, birth date or your insurance card to obtain medical services, they've attacked your medical identity. Whether they assume your identity for the purpose of getting tests, or to receive treatment, not only will your name be on the bill, but the results may become part of your medical history. In some instances medical identity theft means someone else is using your medical benefits.

Setting the Medical Information Bureau straight - and restoring your medical identity - in most cases requires an attorney. With a Pre-Paid Legal membership, you'll have qualified legal counsel at your fingertips.

3.) Social Security Number Identity - When your Social Security Number is used by an identity thief to file with the Internal Revenue Services (IRS), you are stuck in the middle with the tax bill, and a serious need for an attorney. If an undocumented worker uses your Social Security Number to get a job, the income reported to the IRS from the W-2 will raise a red flag as unreported income on your tax return. Alternately, if the thief files before you, the IRS will believe that you have already filed and received your refund, and the return you submitted is a second copy or duplicate. With a Pre-Paid Legal membership you have access to legal counsel and to IRS audit legal services if needed.

4.) Character Identity - It may seem like something out of a movie, but when someone assumes your identity and commits a crime in your name, the drama is real. If your being detained or arrested for a crime you did not commit, you will obviously want to speak to an attorney. The Legal Shield (if available in your jurisdiction) gives you access to an attorney across North America by telephone 24 hours a day if you are being detained or arrested. In a situation like this, it's not likely that your credit card company will be of any assistance. Quick detection is essential in the fight against identity theft. The Identity Theft Shield alerts you when there has been a change on your Experian credit file, which could be a change of address or change to your public records, including felonies.

5.) Financial/Credit Identity Theft - This form of fraud is the one most commonly recognized as identity theft: stealing your identity for financial gain. A thief may set up accounts in your name, use your existing accounts, borrow money against your home, or purchase cars or even a house in your name. When your credit has been exhausted - and ruined - the thief disappears and leaves you with the daunting task of clearing your own name.

One of the greatest misunderstandings about identity theft is that consumers do not lose money. In fact, nothing could be further from the truth. If your credit transaction is covered by Regulation E, you only have two days to report a charge before you start losing money. If you do not deny the debt within 60 days, your financial institution is under no obligation to relieve you of the debt. Because identity thieves often change the mailing address on file with creditors, it is common for victims to be unaware of a theft situation until months after the crime has occurred. In situations like these - and many others - the early detection and restoration services that come with the Identity Theft Shield and the legal services of a Pre-Paid Legal membership, provide an added layer of protection. The hours involved in dealing with identity theft add up. It's reported that it takes 600 hours to deal with true identity theft, do you understand now how the Pre-Paid Legal membership combined with the Identity Theft Shield can be an invaluable service to you and your family. Pre-Paid Legal is the only company that offers a suite of products that fights identity theft before during and after the crime.

Remember no one is immune, an experienced thief can assume your identity and ruin your credit and your reputation. A while there are measures you can take to safeguard your identity, including Pre-Paid Legal's Identity Theft Shield, no one is immune. The difference for those who employ the services Pre-Paid Legal offers is that when you become a victim, you have the power of legal counsel and the experience of licensed investigators working on your behalf. You have the power to fight back.

Five Myths Concerning Identity Fraud   A Review of Krolls Identity Theft Shield Program   The Urgency of ID Theft Prevention