Identity Theft, Credit Report Monitoring and Free Credit Score Check

Has anyone applied for a credit card or a loan online or over the phone recently? It is incredibly easily. All anyone needs to know is a few personal details and they are on their way to get a credit card on someone else's name. That is why identity Theft is increasing. Once they get hold of a person's social security number with a few personal details, they can easily open bank accounts, get credit cards and loans. Only 2% of Americans know their credit score, let alone checking it regularly. So Crooks can operate freely without being detected. This is a lucrative business for them. Once they get a credit card they can immediately transfer $ 1,000s to a bank account straight away.

Early detection is the key for stopping these activities. There is credit monitoring services at a minimal monthly fee. They inform their client as soon as there is a change in their credit report. Changes could be a new search on their client by a card company, new loan application or new payment set up. The recipient of service can check his credit report anytime and find out his score. It takes 100s of hours to sort out any fraudulent transaction and may cost $ 100s of dollars. On top of it all the worries and frustrations identity theft causes.

People may not want to get identity theft insurance or enrol in a credit monitoring services, but they can at least check their credit score every so often. Many companies provide free credit check. The applicant may have to take the free trial credit monitoring subscription. This would allow them to test drive the service for the free trial period. Should they decide that the service is not for them they cancel before the free trial ends and keep their free score check.

It is true that it may not happen to many people. Nevertheless there are other benefits to keeping a good credit score. A good credit score could save $ 100s per month for a mortgage applicant or a homeowner who is refinancing his home mortgage. Between a good credit score and a low credit score there really could be that much difference. Not only that, a person with a low credit score may not even qualify for much needed loan or mortgage. At least, anyone considering applying for a loan or a mortgage in the near future should check their credit report.

Source by Jeong Lee

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