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August 17th, 2007
Don’t Let Identity Theft Stand Between You and Credit Approval
Identity theft is every consumer’s nightmare. As technology increases and our lives become more dependent upon credit cards and electronic transactions, the potential to have our identities stolen rises exponentially. If your identity is stolen, identity thieves can use your information to rack up expenses and ruin your credit record. If you let this go unnoticed and unchallenged, you could face disappointing consequences the next time you apply for a car loan or attempt to refinance your home. Fortunately there are strategies available for diligent consumers.
Keep Your Full Name and Home Telephone Number Off Your Printed Checks
Limit the information available to identity thieves. This is the first step toward building a robust defense against thieves who could tarnish the credit record you’ve worked so hard to build. One way to accomplish this is by having your first initial, as opposed to your full first name, printed on personal checks. This can help you out in two ways. First, if anyone gains access to your identity through one of your checks, or your entire check book, they will not know if you sign your full name or just your first initial—but your bank will. This can help your bank catch fraudulent checks. Additionally, depending upon how much access identity thieves have to you, they may not be able to find out your full first name or even determine your gender. Additionally, have your work phone number printed on your personal checks, as opposed to your home phone.
Keep Your Full Credit Card Account Number Off Payment Checks
Many credit card companies request that you write your account number on all checks sent in payment for your monthly credit card bills. This request is innocent and practical. It provides your creditor with one more way of ensuring that the correct payment is credited to the correct account. And if your check gets separated from your payment stub, your check could get lost and your payment delayed. But you can’t keep track of everyone who sees your check while it is being processed—and neither can your credit card company 100% of the time. Instead of writing your full credit card account number on your personal check, only write the last four digits of that number.
Inform the Credit Bureau Immediately if Fraud is a Possibility
If your wallet is lost or stolen, call the three credit bureaus immediately. Request that they immediately place a fraud alert on your name and social security number. Once a fraud alert is place on your identity, any company that checks your credit instantly knows that your identity is at risk and is required to call you and inform you of all credit applications made in your name. There are three national credit bureaus: Equifax (1-800-525-6285); Experian (1-888-397-3742); and Trans Union(1-800-680-7289). Also inform the Social Security Administration through their fraud report line (1-800-269-0271).
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