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Why Check Your Credit Report? |
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Inaccuracies that can lower your credit rating can occur without your knowledge, even if you've always made your payments on time. And if your credit history is imperfect, checking your report is a necessary first step toward fixing problems. As you work to improve your credit, regular checkups will keep you informed of your progress -- telling you, for example, when old account information has been removed from your report. Your report may also provide the only evidence of identity theft.
Understanding Identity Theft
Identity theft, an increasingly common form of credit fraud, occurs when someone assumes your name and other personal information to take over your credit accounts, open new ones, get a job, take out a loan, rent an apartment, or otherwise benefit at your expense. Because it often involves no physical theft, identity theft may not be noticed by its victims until significant damage has been done.
Strategies Thieves Use
Identity theft takes several forms. Using your account number, expiration date, Social Security number, and billing address, an identity thief may contact your credit card company and change the address on your account. The thief may then make large purchases on the phone or over the Internet. Because you won't receive statements, it might take weeks or months for you to suspect trouble.
A thief may also use your information to apply for a new credit card. Unless you check your credit report, you may not be aware of such a new account until it becomes delinquent. In some cases, identity thieves have even filed for bankruptcy in the victim's name to avoid paying the debts run up on such an account.
Other types of identity theft don't involve credit cards. Someone with a bad credit rating may use your personal information to get a car loan, acquire telephone or other utility service, or open a bank account in your name.
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