subject: How Do Credit Reference Agencies Detect Id Theft? [print this page] Identity theft is one of the most damaging things that can happen to a person in their life. By having your identity stolen, you credit can become ruined costing you hundreds to even thousands of dollars. Credit agencies can help detect identity theft by using a consumer's credit report to help detect identity theft and other fraud related crimes.
What types of crimes can these criminals engage in when they steal your identity? They try to get loans, credit, or other services without your permission and in your name.
Consumer credit reporting agencies fight identity theft by using your consumer credit report to help detect the theft of your identity and stop the felons from ruining your good credit history.
The credit reference agencies use a proactive method for monitoring your credit by using fraud resolution professionals who are dedicated in the safeguarding of your credit. They are constantly on the lookout for alerts to any unauthorized use of your private social security number and credit card for any suspicious and strange purchase history by scanning the internet 24 hours a day and 7 days a week.
Credit reporting agencies provide daily credit monitoring and will contact you immediately if there is any suspicious activity on your consumer credit report that may indicate that you have been a victim of identity theft. They can do this by also looking for changes in your home address or your public records. They can also look to see if you have had any new accounts opened in your name by looking at your consumer credit report, or they can see if you have applied for new credit accounts.
From 2007 to 2008, the Federal Trade Commission reported that there was a 21% increase in the amount of identity theft reported. Many ways people steal your identity is by sifting through your trash that may contain private and personal documents related to your personal information such as credit card bills, phone bills, and other utility statements. People have even been known to go through computer files that have been recklessly disposed of without being cleaned and left at public dump sites.
The credit reference agencies are constantly on guard when it comes to protecting your personal and private information from the prowling eyes of criminals intent on stealing your identity for their own personal benefit. They do this by using your personal consumer credit report that will allow them to constantly monitor your buying and account habits.
