Identity Theft Credit Monitoring: Check Yours With Instant, Online Credit Reports

Credit Cards and Monitoring Your Credit...

Credit Reports & The Credit Reporting Agencies

Protecting you personal information such as credit card numbers, Social Security number and address is paramount in combatting identity theft; but many times the victim doesn't even realize they are a victim--at least not right away, and usually not for another 12 months. So, if you have any credit worthiness at all, you will have to delve into the constantly growing industry of credit report monitoring services and programs. There are many... Some better than others. But with a little tenacity, you can find the "fit" that works for you.

There is much you can do on you own without the help of monitoring services, especially if you're still applying for credit or if "lending predators" are stalking your credit worthiness. When financial companies request your credit report standings with any of the credit agencies (Equifax, Trans Union or Experian) and you are denied credit, then you can request a free credit report from that agency.

Furthermore, beginning December 1, 2004, Congress and the President has enacted revised legislation to combat identity theft by mandating the three main credit reporting agencies to offer free credit reports online to consumers on an annual basis by going to AnnualCreditReport.Com . You can review all relevant information at the Federal Trade Commission's website at FTC Free Report.

But, is monitoring your credit report once a year enough to thwart an identity theft takeover? Absolutely not! By the time you finally see your annual credit report, an identity thief could have already been using your personal and credit information for over 11 months. Using a professional service such as The Identity Theft Shield is a viable safety option; or, in some states you can now put a "freeze" on your credit information and only allow access to your personal credit information by providing a PIN number-almost eliminating the need for monitoring.
See The Associated Press "Freeze" Story Here

So at last, you do have choices. Either "freezing" your credit information or hiring a professional service will give you the greatest protection. But "freezing" is only available in certain states and it is not well accepted by the reporting agencies. You can also get up to date personal credit reports from services such as MyFico , and the three major credit reporting agencies are also offering paid subscription services. But safety dictates that your credit information is reviewed at least quarterly, if not monthly, to maintain the integrity of your family's security.

More On Credit Cards

The clerks and waitresses that possess credit card "skimmers" are the high-end criminals. They can actually take that recorded information and make a cloned identical copy (magnetic stripe and all) of your credit card. They simply add their own signature (of your name) and picture if necessary.

But the majority of information thieves use less sophisticated tools--a simple pen and paper. Most retail establishments will keep your personal information such as phone number and address on file. And, of course since the advent of the internet and it's "People Search" capabilities , almost everyone can find out someone's current address. So, once they possess your name, credit card number and address, they will call the credit card company claiming you have moved and request a change of billing address. Once that is completed, they will then call the credit card company in a few weeks and notify them that the credit card has been lost. The card company will then send the replacement card to the new address.

NOTE:: U.S. Search not only provides "People Search" capabilites, but also provides assistance in finding out if anyone is using your personal identification... Click Here for your personal identity theft search.

"Skimmers"

The "skimmers" work much quicker than the account takeover criminals, but both can be devastating to their victims. Skimmers will usually build up large charges against the card in the first week or two of possession, and then discard it and go to another--often leaving behind tens of thousands of dollars of debt. Account takeover criminals have to show more tenacity to victimize you, but they end up doing the most damage financially. In fact, they may even be able to get to more of your financial information such as Social Security and checking account numbers from the information you originally supplied the credit card company. And, despite the fact that credit card companies are continually instituting newer, more sophisticated prevention programs (they sustain the largest losses), credit card theft is still on the rise.

Be Aware & Protective

Be aware of who has access to your credit card and number. Watch as clerks and wait staffs take your information and observe any unusual behavior. If the receipt comes back with the entire number printed, scratch out all but the last 4 numbers. Most merchants zons have already converted to printing just the last 4 numbers, but there's always a who few which haven't gotten onto the bandwagon yet. So be observant. Join a monitoring service, whether it's a monthly "do-it-yourself" plan such as MyFico or a more sopisticated daily program like the Identity Theft Shield . Protect your mail. Thieves will steal incoming and outgoing mail to get your financial personal information, particularly credit card bills and offers. It would be advisable to stop the paper trail altogether and do your bill paying online with your credit card company. Although the internet scares many people and we will discuss that later on in this Prevention Guide , it's normally much more secure and safer than leaving a paper trail behind that an identity theft criminal can easily steal.

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