Thanks in large part to technological innovations, the ability to access information, communicate, and enjoy multimedia has never been easier. But the advantages of the computer age can sometimes be outweighed by the downfalls of technology as well — particularly in the area of privacy. The meteoric rise in Internet traffic over the last ten years, for instance, has opened up a whole new galaxy of opportunities for identity thieves to steal other people’s private information. The influx in computer use — which has directly led to a vast increase in the number of reported identity theft cases in the United States — has put the issue on the front burner nationally.
Make no mistake about it; the perils of identity theft are high— from the headaches that come from fighting to restore your good name to tremendous financial woes. And unless you're prepared, you could become a victim of identity theft at any time. But, arguably, the biggest risk of identity theft is the detrimental effects that losing your identity will have on your credit history and credit score. As well as the costs from attempting to get your name back, you will lose a great deal of points on your credit score if you ever fall victim. Strictly from a credit standpoint, recovering from identify theft poses a difficult challenge. Think 12-year-old Little Leaguer stepping up to the plate to face Roger Clemens. For some people, it takes years to restore their credit in the aftermath of identity fraud.
Preventing identity theft could be the most important reason why you should frequently monitor your credit. Using a credit monitoring service, like the one provided by Privacy Matters, you can detect fraudulent activity in your name faster. As a member of a credit monitoring program, you will receive instant notifications of any change in your credit report. This will allow you to easily discover if someone is attempting to use your name to commit identity fraud. In fact, monitoring your credit is one of the best ways to protect your identity.
For more on the subject—from in-depth detail on how identity theft will negatively affect your credit score to new ideas on how to prevent identity fraud from ever happening to you — be sure to visit Neil O’Farrell’s blog. Mr. O’Farrell, your Identity Theft expert, consistently provides readers with excellent identity fraud analysis and insight. He also discusses the latest identity theft trends in his daily posts. And for even more ways to prevent identity theft, click here.
Think it doesn’t happen frequently? Well, think again! Today, an Oregon woman was arrested for allegedly stealing the identity of a woman in Rhode Island. It can happen to any person, in any location, at any time. Don’t be the next victim.
Other news from the world of credit reports and scores:
Heather Haddon of the Herald News in New Jersey says that “solid credit is the key to owning a home.” Personally, I couldn’t agree more. In her column, Ms. Haddon gives a personal account of a Patterson, NJ police officer, Ivan Hicks, who went through a painful ordeal shopping for a house. This is an interesting read and will resonate with anyone who has been in a similar situation.
Himanshu Joshi offers several tips for “recovering from bad credit” in a column that appeared in the American Chronicle on Sunday.
Paul Wenske of the Kansas-City Star has more information on the controversial report recently released by the Federal Trade Commission. The report, which I discussed in further detail in my previous post, found that “blacks and Hispanics consistently end up with lower scores and therefore pay higher insurance rates.” Soon after its release, several civil rights groups, who think that some insurance companies discriminate against low-income and minority consumers, publicly condemned the report. In this column, Mr. Wenske offers his opinion on the matter.
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