One of the biggest threats to consumers is the lack of credit report monitoring . Most of us know that fraud exists but don't realize just how big the threat is. Con artists prey on the naive and the greedy and they've honed their skills for years duping their victims out of money and possessions. It may not be surprising then that identity fraud has become so widespread because consumers still embrace the DIY mode of prevention; but honestly it's too many avenues to keep abreast of. While you're watching A, B and C, D, E and F are left vulnerable.
Proactive credit bureau monitoring could minimize the risk of financial and identity theft. The credit bureaus are updated by vendors of your whereabouts all the time. Use a new address and you can be sure that the credit bureau will soon have it listed on your credit report. Apply for a new credit card and the inquiry is listed on your credit report. This is why credit report monitoring is so vital to keeping your identity protected.
Just imagine some imposter posing as you, using your information including your sacred social security number. It becomes life altering when someone is out there posing as you ruining your good name and credit. And while the majority of us request our free yearly credit report, there are a vast number of people who don't and this group won't find out that someone has stolen their identity until they happen to come across some peculiar information. Which group are you in? Will it be the protected or un-protected group?
Fraud is the type of crime that keeps on giving; Here are a few reasons to consider why credit report monitoring is so important;
- The yearly credit report you just reviewed had no suspicious items listed so you're at ease and feel protected. The following month an imposter opens 3 new credit cards in your name with a new address. You have no idea that this has occurred.
- The new credit card billing statements began going to the new address and the imposter is paying the minimum payments; it may be a rarity but they have successfully became you and you still have no idea that this is occurring.
- The imposter feels confident and successfully gets approved for 2 new car loans; this time they have no intention of paying and the imposter disappears. You still are unaware that your identity has been stolen because no one has notified you.
This is nothing new because imposters steal identities everyday for various reasons. In some cases they only want credit and some will even pay the minimum payments; others are just buying time to see how much they can get away with until they completely disappear once the credit limit has been reached.
All of those scenarios has happened and become frequent each year. While all cannot be completed prevented, it certainly can be minimized because if you were utilizing a credit monitoring service they would have alerted you the second a new address or application for a credit card hit your credit report.
Every instance of a request for new credit or a vendor reporting a new address will show up on your report however if you're not taking advantage of good credit monitoring then an imposter could do damage twice-fold before you find out.
Some of you may be very proactive and keep regular updates on your credit report while others should really invest in a service that specializes in credit report monitoring and quick alerts of fraud. In today's age of the unknown you need all the help you can find.