There's some good news for those of us concerned about identity theft. As of November 1, 2007, TransUnion, Equifax, and Experian (the three big credit reporting agencies) allow consumers in all 50 states to place freezes on their credit files.
Basically, what that means is we, as consumers, have more control over who can access our credit history. A freeze
effectually prevents any agency or individual from looking at our credit score, thereby reducing the chance that a fraudster can use your credit information to open a credit card, credit line, apply for a loan, or whatever the case may be. (Bankrate.com has a succinct definition which summarizes what exactly a credit freeze is.) Consumers who have suffered identity theft can freeze their reports and lift the freeze for free, while those who have not been victimized face a $10 fee each time.
Additionally, many states also have laws allowing credit freezes, but there may be a fee which runs higher than the fee at the credit agencies (fees vary from state to state). Additionally, these credit freeze offers cannot be used in lieu of state freeze laws or prices, so consult your state's freeze laws and information and the three credit agencies before making a decision.
And while you're online, check out what you can do on your own to protect yourself, because knowing is half the battle.
- Jeremy
You are right on all counts. The more you know about credit card fraud the more chances you have to win the battle. I found some interesting and useful articles about identity theft and how to prevent it at http://www.creditcardspecialsit.com . They give really good tips how to protect your identity theft.
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