Credit Report Identity Theft

How We Can All Help To Prevent Credit Report Identity Theft

Credit report identity theft can be something which can affect peoples' lives for a very long time. Finding out that your data has been compromised is no easy task, indeed it is estimated that it can take a year for someone to even be aware of a problem, if the identity thief is clever enough. Many thieves who steal information relating to someone's identity will not try to loot the accounts. If the victim has not yet discovered that their information has fallen into the wrong hands, using it to draw money will alert them to the problem.

From the point of view of the thief, it is much better to try to take out multiple loans in the name of the person whose information they now have access to. They can take out of these loans, which can amount to many thousands of dollars, without alerting either the financial institutions or the defrauded individual. It is only when the repayments are not being made, and the institutions get in touch with the defrauded individual thinking that they took out the loan, that the problem will come to the surface. By then, it is far too late.

This type of credit bureau identity theft is incredibly difficult to straighten out. Even when an individual goes through all of the correct reporting procedures, it still takes a long time for the credit file to be put right. The credit reference agencies have a very bad reputation in all areas where they have to correct data which can be shown to be erroneous. There really is a need for them to display a far more sensible attitude in dealing with people who have gone through the nightmare of identity theft.

It is now possible to secure real time monitoring of several areas which can flag an account and show up the problems before they would normally come to the surface. The credit reference agencies charge extra money for this, when many would suggest that it should be being offered as a free service. When you consider that the banks are losing millions of dollars through this type of identity fraud, you would think that they would be prepared to foot the bill for any system which could vastly reduce these numbers. Among the areas which can be monitored are websites where personal information is stored and traded.

It is also possible to monitor the credit reference agencies' own records, to flag up any incident of someone applying for credit using details which have been stolen. The problem with this, of course, is that the victim may not even know that their data has fallen into the wrong hands. What is clearly needed is a system where individuals who are not intending to apply for loans can put a marker on their own credit file, so that if the information is misused, the marker will be flagged, and the loan will be denied. This would be a major breakthrough in preventing credit report identity theft.

 

 

 

 

Technorati Tags: Identity Theft Protection, ID Theft Protection, Credit Report Identity Theft

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