|
|
|
|
|
|
|
|
|
|
|
What do a shoe retailer, an online discount broker, and a popular clothing retailer all have in common? All three - DSW Shoe Warehouse, Ameritrade, and Polo Ralph Lauren - sustained breaches to their customers' accounts. Unfortunately, these three are not alone when it comes to security breaches. CitiFinancial, Bank of America, LexisNexis and other companies have also experienced similar events.
Over 46 million Americans have had personal records containing credit card numbers, bank account information, and social security numbers lost or stolen during the first six months of 2005.
Having even just one piece of personal information is sometimes all that an identity thief needs in order to wreak havoc to your credit profile. Many people falsely believe that an ID thief uses only the stolen credit cards to go on their shopping sprees. The truth is ID thieves use your stolen information to open new accounts for credit, cars, loans, mobile phones and more. Most victims won't know there's a problem until they've been turned down for credit or begin receiving calls from creditors and collection agencies about the unpaid bills.
So, what can you do to guard your identity from criminals? Along with vigorously protecting your social security number, using a shredder to destroy credit card offers, and monitoring your credit report regularly, you may also be able to use a new line of defense against ID thieves - placing a "freeze" on your credit files.
Placing a freeze on your credit files with the three major credit reporting agencies - Experian, TransUnion, and Equifax - shuts out potential lenders from accessing your credit files in order to make you an offer for credit. When applying for new credit accounts or loans, you would use a special password or PIN to "thaw" your credit files, a process that takes a few days. The credit bureaus charge around $10 for each freeze or thaw as allowed by law.
A credit freeze protects your data since the lender can't check your profile in order to approve any new credit. Unfortunately, credit freezes are currently available only to consumers in California, Colorado, Connecticut, Illinois, Louisiana, Maine, Nevada, Texas, Vermont, and Washington.
Congress is examining laws to make credit freezes available nationwide, however they are facing some strong opposition. And guess where it's coming from? The credit bureaus and data clearinghouses! They make money every time they sell your information to banks, mortgage brokers, car dealerships and other retailers.
The time to act is NOW. If you live in a state that doesn't offer you, the consumer, the right to freeze your credit files, contact your state legislators to let them know that YOU WANT TO CONTROL who can access your personal and financial data. Names and contact information for your Senators and Representatives can be found at www.senate.gov and www.house.gov. Write or e-mail them and tell them you want control of your personal data. After all, it's your identity and your finances at stake!
© 2005, http://www.yourfreecreditreportnow.com
Autho r: James H. Dimmitt
James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting http://www.yourfreecreditreportnow.com
His hard earned money? Gone. Creditors on his back everyday.... Read More
A good credit reward card can contribute to your retirement... Read More
So-called "credit repair" companies claim they can remove negative information... Read More
Credit cards represent an important part of our financial lives.... Read More
A credit report is run on a buyer when he... Read More
Credit card debts problem is extremely common today. It is... Read More
These five debt negotiation facts along with a few debt... Read More
Will lenders really love you for having a good credit... Read More
Prepaid debit cards are great financial tools and may be... Read More
1) Do your homework. Applying for and getting approved for... Read More
INTEREST BEWARE, THERE'S SAFETY IN NUMBERS!Note: The following is part... Read More
Using a credit card wisely is an important step in... Read More
What is a balance transfer ? A balance transfer can... Read More
You may already have 2 or more credit cards in... Read More
A credit report is more than just a snapshot of... Read More
Most businesses want to be able to borrow money when... Read More
Having a better credit score not only represents easier access... Read More
If you want to enjoy your life out of spending,... Read More
These days, credit cards in the UK are competing with... Read More
While working through my own debt situation, and helping others... Read More
When you apply for credit one of the first things... Read More
The three major credit bureaus, Experian, Equifax and Trans Union... Read More
Credit card companies make their money on the 85% of... Read More
#1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More
Prepaid credit cards also called stored value card can be... Read More
There is no end to the amount of pain that... Read More
Consumers interested in purchasing or refinancing a home will pay... Read More
"I think money was stolen from my card" or "I... Read More
Spending HabitsSo you've just got your credit card. The first... Read More
Obtaining a credit report is an excellent way to begin... Read More
Credit cards represent an important part of our financial lives.... Read More
As you probably know, interest rates are at all time... Read More
If you have a bad credit rating, then you might... Read More
The Federal Fair Credit Reporting Act (FCRA) is designated to... Read More
In the twenty-first century, there are few documents that have... Read More
You've just opened your credit card bill and attached to... Read More
Credit card consolidation is a popular solution for those with... Read More
Getting worried that one of your clients, customers or patients... Read More
Somebody once said, "There is always a way of knowing... Read More
The articles and tips provided on this site are intended... Read More
"Easy Low Down Monthly Payment," "Buy Now Pay Later," "You... Read More
There are not many of us who do not have... Read More
When you apply for a credit card, the application that... Read More
Mark and Beth, a young married couple in their twenties,... Read More
A bad credit history can sometimes seem like a curse...... Read More
Getting an annual credit report review has been the advice... Read More
When you apply for credit one of the first things... Read More
The process of clearing credit can be laborious and frustrating.... Read More
Check 21 is the common name for the Check Clearing... Read More
It's not as hard as you think to raise credit... Read More
Credit |