Home     Forum     401k     401k Rollovers     Crypto Forum
    Register   Login   Members   Search   FAQs     Recent Posts    



Identity theft can be prevented by credit reporting agencies

Reply to topic
Money Talk > Credit & Loans

Author Thread
Raptor
Full Member


Cash: $ 14.50

Posts: 70
Joined: 15 Nov 2009
Location: Missouri
Identity theft can be prevented by credit reporting agencies  Reply with quote  

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.
Post Tue Feb 02, 2010 9:39 pm
 View user's profile Send private message
archercredit
Member


Cash: $ 4.00

Posts: 20
Joined: 25 Nov 2009

 Reply with quote  

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.
Post Sat Feb 06, 2010 2:48 am
 View user's profile Send private message
Raptor
Full Member


Cash: $ 14.50

Posts: 70
Joined: 15 Nov 2009
Location: Missouri
 Reply with quote  

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.
Post Mon Feb 08, 2010 11:01 pm
 View user's profile Send private message
Vishenda
Contributing Member


Cash: $ 7.80

Posts: 32
Joined: 10 Jul 2009

 Reply with quote  

Thanks for sharing this information Smile
Post Mon Apr 26, 2010 7:55 am
 View user's profile Send private message
clarissa_vargas
Full Member


Cash: $ 14.80

Posts: 73
Joined: 05 Mar 2010
Location: Long Beach
 Reply with quote  

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.
Post Mon Apr 26, 2010 11:25 pm
 View user's profile Send private message
lucyjrobert
New Member


Cash: $ 1.05

Posts: 5
Joined: 27 Apr 2010
Location: Georgia
preventing id theft  Reply with quote  

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.
Post Tue Apr 27, 2010 3:52 pm
 View user's profile Send private message
jason_simpson
Preferred Member


Cash: $ 28.45

Posts: 142
Joined: 20 Apr 2010
Location: London
 Reply with quote  

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.
Post Fri May 07, 2010 3:10 pm
 View user's profile Send private message
lucyjrobert
New Member


Cash: $ 1.05

Posts: 5
Joined: 27 Apr 2010
Location: Georgia
 Reply with quote  

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.
Post Mon May 10, 2010 6:50 pm
 View user's profile Send private message

Goto page 1, 2  Next
Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      


Money Talk © 2003-2022

Crypto Prices