“Freezing your credit report?”Good idea?
Credit Report Blog (Creditreportblog.com) frequently gets this question about the idea of “freezing your credit report”. However, there are still many who have not heard of this new concept of limiting access to the credit report. The credit report is a key tool and essential part of the decision process of lenders on whether or not to extend credit to individuals. In the wrong hands, however, the credit report can also be the tool used by thieves to cause much financial damage to someone. As a result of the rise in identity thefts across the country, this option of freezing a credit report has come about.
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U of U medical records stolen, 2.2 million patients’ data at risk
University of Utah Hospital and Clinics patients are bracing for the unknown as police and prosecutors investigate the theft of 2.2 million billing records filled with personal information.
Authorities say the records, stolen out of a courier’s personal vehicle earlier this month, put the private data of patients from the past 16 years at risk.
Credit Report Blog - It’s amazing how an incident like this can lead to astronomical financial damage for every one of those 2.2 million patients. Hospitals and any other organizations that hold such sensitive information need to take responsibility and re-think their procedures so that these mishaps do not happen. The good thing is that the U of U is taking the right steps in offering free credit monitoring services to all patients whose social security numbers were compromised. Read more
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Thieves steal $22,000 using credit card of U.Va. Professor
Identity thieves in New York had opened a checking and savings account in Grant’s name, aided by his Social Security number and a fake New York driver’s license with his name on it. Using an online banking feature of the fraudulent checking account, the thieves hijacked Grant’s existing Bank of America credit-card account.
***Credit Report Blog*** After reading about this incident, it is apparent that no matter how safe you think you are or no matter how many precautions you take, identity thieves still manage to do what they do best—severe financial damage to their victim. In the professor’s case, after finding out that his personal info may had been compromised, he took all the right steps that he thought would save him from becoming another powerless victim of identity theft.
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Experts say consumers can minimize fraud risk
One of the surest ways to protect against new account fraud is to place a security freeze on credit reports, which consumers can do for a one-time fee of about $10 to each of the three major credit reporting agencies, according to Paul Stephens, director of policy and advocacy for the San Diego-based Privacy Rights Clearinghouse, a nonprofit consumer advocacy group on privacy rights.
http://www.signonsandiego.com/
***Credit Report Blog*** At first read, placing a “security freeze” on your credit reports seems like an ideal way to go to prevent identity theft. However, it must be mentioned how inconvenient this can be in your daily financial matters.
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How to Avoid Becoming a Victim of Identity Theft: Interview with Jeremy Duffy
“With the recent news about the CEO of LifeLock having his identity stolen, I looked around the web searching for ways we could prevent ourselves from becoming a victim without having to pay monthly or annual fees.”
***Credit Report Blog*** Jeremy is absolutely on the right track with this issue. Why pay for a service that you really don’t need, provided you are willing to invest some time and effort yourself? With a little diligence, every consumer can do exactly what the monitoring service companies do, without paying the monthly fees for their services. They don’t really “stop” identity theft as they claim; they just let you know once it has occurred. If that’s all you want, monitor your credit report yourself for inaccuracies and changes unfamiliar to you.
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Credit Monitoring Services - Wasting your money?
When you listen to ads pitching credit monitoring services, the top benefit they usually mention is to protect you from identity theft. Not true! These credit monitoring services do not really do anything to prevent identity theft. If anything, they may be able to alert you, once the crime has been committed. In addition, you will only receive these alerts on any credit-related activity, if certain conditions are first met. What’s more, these services can be very expensive. Why spend unnecessary dollars when you are entitled to a FREE credit report once a year? You can also receive it FREE if you are denied a line of credit, denied employment, or become victim of identity theft.
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Stop Identity Theft in its Tracks
No matter how careful you are, thieves are usually a step ahead. What do you do, when they come for you? Once you discover that you may have become a victim of identity theft, here are some MUST DO’S for you to avoid minimal damage:
· Immediately, notify police, banks, credit card companies, and any other parties that you can think of.
· Make certain that you get your copy of the police report, so that you have proof of a crime having been committed.
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