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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Maintain your identity by keeping an eye out for any questionable activity on your monthly statements, credit reports, and bank accounts. Maintaining Your Identity By Britt Erica Tunick Virtual transactions have become a part of everyday life –from online purchases, to electronic banking and even delivery of utility bills and insurance claims. The average individual relies on the Internet for a multitude of transactions, regularly providing credit card details, addresses and even critical personal information, such as medical histories or social security numbers, in some sort of electronic form. With so much personal information online, identity theft has become a bigger problem than ever. And with people leading busier and more hectic lives than ever, it is easy to miss the warning signs that there may be a problem. In some cases, it is beyond obvious that something is going on with your identity. When friends and family begin receiving strange messages from your Facebook account or e-mail address asking for financial help or promoting pornographic websites, it is clear something it up. Unfortunately, the signs aren’t always so blatant. One of the simplest indicators that something may be going on with your identity is the sudden appearance of charges on your credit card bill that you don’t recognize. A $2.50 charge for gas may appear to be a simple error, but it is worth checking out. Contrary to popular belief, identity thieves don’t usually run right out and buy thousands of dollars in electronic equipment, as such big ticket charges are more than likely to raise a red flag with credit card issuers. Instead, it is the small and seemingly innocuous charges that thieves often use to test out card numbers they have stolen and try to gain access to your account. Similarly, if a monthly billing statement suddenly stops appearing, don’t assume it was just lost in the mail. The sudden absence of bills or monthly statements may be an indication that someone has compromised your information and has re-directed these documents in order to establish an alternate address in your name. Other frequent signs that your identity has been compromised include:
So how can you tell if your identity has been compromised? The simplest way to monitor your identity is to run regular checks on your credit report. Many companies specialize in credit monitoring services, and most credit card issuers now offer the credit monitoring to their cardholders for an additional annual fee. While many people are happy to pay for the convenience and ease of monitoring agencies, such paid services aren’t necessary. Under federal law, individuals are entitled to one free credit report annually from each of the three major credit bureaus that track individuals’ financial activities and tabulate the credit scores lenders use to determine the risk of extending credit to specific borrowers: Equifax, Experian and TransUnion. Additionally, if your credit report was a factor in a decision to deny a credit card application or loan that you have made, you are entitled to a free copy of that report by contacting the creditor that provided it. Spacing out such inquiries by four month intervals will provide you with the opportunity to monitor your report three times a year. But if you notice any unusual activity, or a sudden drop in your credit score, don’t hesitate to contact the credit agencies. Contrary to popular belief, unlike checks made by creditors, frequent inquiries from individuals on their credit will not have a negative impact on their score. Following is contact information for the three major credit bureaus: Equifax: 800-685-1111 or www.equifax.com Experian: 888-397-3742 or www.experian.com. TransUnion: 800-888-4213 or www.transunion.com |
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