credit report - Identity Theft: 5 Keys To Protecting Your Identity

The fastest growing crime in America is identity theft. Only 1 in 700 criminals who commit this crime are ever caught. If someone steals your identity it is estimated that it will cost 125 hours and over $1500 to have it corrected. And that is not even the really bad news. If someone opened up a bank account in your name, how soon would you know it? Would you know it when you went to purchase a house? How about when they pulled your credit to buy a car? What about after 3 years and $1000s of dollars in debt. I am going to share with you some steps you can take to protect your identity! 1. Join a Service. There are services out there that will monitor your credit. I am a member of Pre-Paid legal and we offer this type of service. Make sure that you get a service that will provide you with your credit report, monitor your credit and also assist you if something goes wrong. This is where most fall down. 2. You should check your report at least every 4 months if not more often. You can do this for free by requesting your report one of the big 3 once every 4 months. You are allowed one free report a year. Don't order them all at the same time. Order them one at a time and you will stay updated. 3. Protect Your SSN. This is the easiest way to steal your identity. As I said earlier, I really didn't like it when one of the pre-paid credit cards asked for this information. Don't give it out just because some asks. Make an objection if someone ask for it. There should be other ways that they can use to identify you. If they persists, just leave. 4. Put a password on your accounts. This will protect you against someone getting your information and calling in pretending to be you. It should be at least Eight Characters long. Make it a phrase instead of just one word. Don't use your mother's maiden name, pet's names, birth dates or family members name. If you want to keep a list, keep it in a safety deposit box or locked file cabinet. 5. Secure your mailbox. Take your financial information to the post office instead of just leaving it in your mailbox. If you go away on travel or are moving, make sure you have the post office hold your mail. Put in a forwarding address to make sure that no old mail will be sent to the old address. No one will protect your identity better than you. And don't think just because you have bad credit that you will be safe. I used to think that my credit was so bad that if I declared bankruptcy, it would actually raise my score. Even if you have bad credit, make sure to protect it so that it does not get any worse. If someone steals your identity, they steal something very personal. It will then be on your shoulders to prove your innocence. You will be considered guilty until proven innocent. And the creditors will want to get their money from someone. Don't let it be you! Got Credit Power-Empower Your Life! GotCreditPower.com is a website that is dedicated to increasing wealth and reducing debt. It includes tips, articles and features on credit, home-based business and getting out of debt. Article Source:http://EzineArticles.com/?expert=Shawn_Hill credit report - Your Credit History Can Make Or Break You Financially You should know that credit history or credit report is a record of an individual's or companies past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score. When a customer fills out an application for credit from a bank, store or credit card company, his or her information is forwarded to a credit bureau, along with constant updates on the status of his or her credit accounts, address or any other changes you may have made since the last time he or she applied for any credit. Lenders such as credit card companies to determine an individual or entity's credit worthiness use this information; that is, determining an individual's or entity's means and willingness to repay indebtedness. This helps determine whether to extend credit, and on what terms. With the adoption of risk-based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the annual percentage rate (APR). Also, it is very important to know that credit ratings are determined differently in each country, but the factors are similar, and may include: - Payment record. - Control of debt - Signs of responsibility and stability - Lenders perceive things such as longevity in the borrower's home and job as signs of stability. - Re-Aging - Through re-aging, a credit history is re-written and you are given a fresh start on that particular account. This can dramatically improve the credit score - Credit cards that are not used