Using Credit Report Monitoring to Avoid Identity Theft

In a world where identity theft is increasing at breakneck speeds (there were 10 million documented cases in 2008), we all need some form of protection.

That’s where Credit report monitoring comes.

This article explains, in laymen’s terms, why credit report monitoring is essential in this day and age. We’ll also talk about identity theft, and what makes it one of the worst crimes to fall victim to.

About Identity Theft

When your identity is stolen, the thief usually has dollar signs in his/her eyes.  So, the first thing they do is go and get a credit card. Or a car loan.  Or a mortgage.

Months later (if you don’t have monitoring in place), you find out about the Cadillac you now own but you’ve never seen.  You find this out because, out of nowhere, all of your credit limits are cut to almost nothing.  Your interest rates skyrocket.  And, if you needed a loan for anything, you can forget about that idea.

But it doesn’t end there.  Not only does identity theft have adverse effects today, you’ll continue to be haunted by it far into the future.

Let me explain how…

How credit works

There are three major credit bureaus - TransUnion, Equifax, and Experian. These three organizations collect, store and report your credit information. This is the same information every bank or lending institution uses to determine your credit worthiness.

Any slip ups in your credit information (such as unpaid car loan payments) stays on your credit for a long time. Even if you technically didn’t buy the car, it is still going to affect your credit.

This means that, unless you catch it early, any unauthorized purchases will affect you far into the future. Without monitoring in place, an identity thief can ruin your life.

Credit report monitoring – The equivalent of a force-field around your future

Credit report monitoring does one thing exceptionally well: it protects you from identity thieves. This is accomplished by closely monitoring all three credit bureaus with a keen eye for irregularities.

If and when irregularities do pop up, you are notified immediately. Your credit score is protected and you now have the information you need to bring in the law enforcement authorities.

Having some sort of credit report monitoring service in place isn’t just a smart move; it’s almost essential. Don’t be that person who didn’t consider identity theft… until it was too late.

Any money you invest to monitor your credit will be money well spent.

More by this Author

  • Dog Pregnancy Symptoms and Diagnosis

    Your dog may not show many obvious symptoms that she is pregnant during the first three weeks that she's become pregnant. Maybe she is more affectionate with you and a little hungrier. If that doesn't tune you in,...

1 comment

thevoice profile image

thevoice 6 years ago from carthage ill

great helpful hub

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.

    Click to Rate This Article