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March 13, 2008, 2:02 pm PDT
Just some simple facts for you..
Quote From: gwarrior6
It's scary when you think someone has your SSN and Birth date. I went online to check my student loan information, but there was a different address in the profile. It freaked me out! I called the company and they told me the date it was changed (luckily it was from a time when I contacted them to send me info, and they messed up) so I changed it.
Just to be sure, I got on the Experian site and viewed my credit report (which they say you should do about once a year (you get a free one once a year)). Also, it's a good idea to print it out (because looking at it decreases your score), and if anything looks wrong,you can contest it. There was NOTHING out of the ordinary, but to be careful, I put a ID theft alert on it (it only lasts so long, but it's worth it). Nothing happened, but being proactive about it can save your credit.
Here is Experian's site on Fraud Prevention and how to report it:
http://www.experian.com/identity_fraud/fraud_prevention.html
Here's the Federal Trade Commission's site on Preventing ID Theft:
http://www.ftc.gov/bcp/edu/microsites/idtheft/
Check it out! I have several years employment history in the fields or credit reporting and the extension of credit. One thing I do know is that there are many myths out there about how credit works today! I'd like to address a few of the issues that were brought up on the show as well as one or two of yours.
First of all, getting a persons private information is so much easier than most people think. Its out there and its easily available so the best thing you can do is to monitor your own credit report frequently (quarterly as recommended on the show) to determine what is what and dispute those items that are inaccurate.
-Viewing your credit, ...does NOT decrease your score!
-Having insurance companies review your credit, does NOT decrease your score.
These are known as soft inquiries and are allowed for the purpose of viewing your history only without affecting your score at all,..not for the purpose of evaluating your credit for new credit extension which may affect your scores.
-It is a good idea to print it out, but be sure to file it securely and shred the document after youre finished with it,..or save it electronically in a secure file.
-ID Theft Alerts (or Fraud Alerts, as theyre more commonly known in the industry) are a good idea for protection, however they can also have an adverse effect on how youre viewed by creditors as well. Example: Companies that extend credit (auto/personal/mortgage loans, credit cards, etc) evaluate your ability to pay back the credit youre applying for, based on your past payment history and risk factor. If you have a Fraud Alert placed on your credit report, that tells them that most likely you've had issues with credit fraud (risk) in the past, (whether its your fault or not ,doesnt matter) which may have resulted in creditors not being paid or 'charged off' possibly(risk). No creditor wants to risk falling into that category so they will automatically look at your Fraud Alert as a negative!
The links you've provided are very helpful links and if there is one thing I could suggest to anyone, it would be to constantly and continuously monitor your credit report.
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