Identity theft can be prevented by credit reporting agencies |
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Raptor
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Location: Missouri |
Identity theft can be prevented by credit reporting agencies |
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In the past I had my identity stolen to purchase a cheap $200 pair of earrings through a pyramid catalog company. I resolved it through them. Recently checking my credit report, I notice unusual inquires. Apparently someone is attempting again, but this company had a better fraud prevention system and did not extend the credit. Only if you suspect fraud, you can initiate a fraud alert against your credit. It notifies anyone pulling your credit information of the fraud alert and provides them with your contact info so as they can contact you directly. A great backwards verification system. This should be an option for all to mandate before credit is extended they must backward verify you by contacting you using the info in the credit report. Currently people can get credit in your name with only name, last 4 of SS and birth date. In the end, the lender is responsible for the bad debt resulting from identity theft. It does require some work on your end to prove it was not you, the hours can add up. The major credit reporters are leading all to believe we should be purchasing the full package of credit monitoring, credit reports, and credit score to protect our self from identity theft. This is not necessary. Normally the application process for loans on cars and homes prevent most theft. What we need protection against companies that extend small amounts of credit. A law that mandates anyone extending credit to pull the contact info from the individual credit report and contact that individual would close this gap. I don't understand how a system where the lender is responsible for the debt of identity theft led to individual spending money to be proactive in protecting their identity. You would think lenders would be more proactive. I wonder what percentage of these that go to debt collectors are just paid by people who want the collectors to stop calling or just don't understand how to handle it. A high percentage would answer the question of why companies extend credit in a manner that fosters identity theft.
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Tue Feb 02, 2010 9:39 pm |
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archercredit
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You are correct, it is way to easy to apply and get credit with out much verification involved. Lenders should be responsible for the entire debt and any time and debt that is obtained by you in the process.
There is a reason identity theft has grown so rapidly, because it is easy and the consequences are few. The credit bureaus and the FTC have done surprisingly little to force tougher guidelines on credit approval. All good points you bring up.
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Sat Feb 06, 2010 2:48 am |
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Raptor
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Location: Missouri |
Update: There is a way to freeze your credit, but depending on your state, you have to pay to initiate it and to temporary suspend the freeze. Additionally you have to go through each credit card agency separately. For me it will cost $30 to initiate it and every time I want to lift it so I can get credit, it will cost another $30. It is still better than over $100 per year for one of the credit agency services.
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Mon Feb 08, 2010 11:01 pm |
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Vishenda
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Thanks for sharing this information
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Mon Apr 26, 2010 7:55 am |
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clarissa_vargas
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Location: Long Beach |
Yes, thank you we all know at this time identity theft is a common activity. Let's keep our information safe and share it wisely.
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Mon Apr 26, 2010 11:25 pm |
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lucyjrobert
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Joined: 27 Apr 2010
Location: Georgia |
preventing id theft |
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Has anyone considered using ID theft protection programs? My ID got stolen after I purchased something from an unsecure site online--I think I have it cleared up but it was really a pain. My brother signed up for ID Patrol, which is surprisingly owned by one of the three big credit bureaus, Equifax. He seems to like it fine. I just wanted someone else's opinion on paying to protect your identity.
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Tue Apr 27, 2010 3:52 pm |
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jason_simpson
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Location: London |
Your newest weapon in the fight against identity theft is a way to lock up your credit reports. After you put this lock on, you hold the key to who can see your personal information.
This lock is called a security freeze. When you freeze your credit reports, you are telling the three major consumer reporting companies to block access to your credit report and credit score.
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Fri May 07, 2010 3:10 pm |
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lucyjrobert
New Member
Cash: $ 1.05
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Joined: 27 Apr 2010
Location: Georgia |
How does locking credit reports work? I understand that online ID theft programs inform you when there is any suspicious activity. My brother has gotten multiple notifications from IDPatrol--kind of like some credit cards will call about suspicious activity. I am not sure I understand the whole idea of locking a credit report.
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Mon May 10, 2010 6:50 pm |
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