| New laws fight ID theft, extend health benefit
The other will prevent potentially thousands of young adults from suddenly being dropped from their parents' health insurance once they graduate from college. These are two big but very different consumer issues. Let's take them one at a time. First, the identity-theft weapon: the ability to put a "security freeze" on your credit report. Freezing your credit report prevents new creditors from looking at it. If a creditor can't see a report, it is not about to extend credit to you or anyone else trying to open accounts under your name. You can lift the freeze before applying for new credit. Maryland law requires credit bureaus to allow residents to freeze their reports, starting next month. But just weeks ago, the three major credit bureaus, which long resisted freezes, started allowing everyone to put his reports on ice.
Protecting your identity is a smart thing to do
D ecember is Identity Theft Prevention and Awareness Month. According to the February 2007 Identity Fraud Survey Report issued by Javelin Strategy & Research, identity theft affected approximately 8.4 million people. The estimated loss to business and individual victims was $43.9 billion. Often, ID theft victims don't even realize their identity was stolen. They may find out when a creditor or collection agency calls or a credit card is declined. To help consumers protect their identity, a number of credit monitoring and insurance protection programs are available. But, are these products right for you? Most experts recommend that you obtain a copy of your credit report at least once a year from each of the three major credit bureaus (Equifax, Experian and TransUnion) to ensure accuracy and to look for signs of ID theft.
'Tis the Season for Financial Crimes Against Seniors
Not everyone is full of goodwill during the holidays. Unfortunately, the holidays are a prime time for financial crimes like identity theft, robbery and fraud -- and seniors are often the target."Consumers are reminded to shred, sign up, suppress and be sensitive," says Steve J. Bernas, President/CEO of the Better Business Bureau of Chicago and Northern Illinois. To safeguard against financial crimes this holiday season the Chicago Better Business Bureau offers these timely tips for seniors and those who care for them:-- Hang on to your personal information. Do not give any personal information over the phone or Internet to an unfamiliar company or caller. This includes your credit card numbers, but also the credit card expiration date, your Social Security number, driver's license number, bank account numbers, and personal information, such as your mother's maiden name.
How to leave identity thieves out in the cold
WALNUT CREEK, Calif. � It could happen to you. Somebody swipes your Social Security number, then uses it to open a credit card in your name. Before you know it, you've become a victim of identity theft and have a pile of bills for things you didn't buy. Sylvia Coates has found a way to prevent that unpleasant scenario from happening by freezing her credit reports. ``I can't tell you how wonderful it is. I think it is the only foolproof way,'' she said. Coates, who lives in Orinda, Calif., applied for a credit freeze soon after that option become available in 2003, thanks to passage of a state law there that requires credit reporting bureaus to let consumers initiate a credit freeze. Having a credit freeze means that access to your credit reports and credit scores cannot be shared with potential creditors or lenders unless you give permission.
Identity theft targets kids, and relatives often the perpetrator
While only a small percentage of identity-theft victims are children, the number is growing, and the impact on the victim's credit, confidence and relationships could be devastating. The crime can go undetected for years and is most commonly committed by a family member, according to a report released this week by the Identity Theft Resource Center, a San Diego nonprofit organization. Fortunately, simple precautions, such as keeping your child's Social Security number secret, can prevent some of the abuse. For instance, you can check your children's credit reports at credit bureaus to nip identity theft in the bud. .
Keep Grinch at Bay During Holidays With 12 ID Theft Tips of Christmas
With the holiday shopping season in full swing, and with the growing threat of ID theft looming, consumers may not know their identities could also be for sale. The intersection of commerce and cyber-crime could be a bumpy road for shoppers over the next month, so don't let the ID theft grinches steal your holiday cheer this year. "Wherever there's information about a person, whether it's retained by a retailer, bank, credit bureau or database, there's someone out there who has the ability to steal it," said Dan Clements, spokesman for ID Secure, a sophisticated new tool that uses leading-edge public records, Social Security number and credit card monitoring technology to fight identity theft. "The more difficult you make it for someone to rip you off, the less chance you have of becoming a victim of identity theft.
Buyer, Beware - Especially Online
As you make a list and check it twice, check yourself for safety against identity theft. It's a big problem this time of year, with more people shopping with their credit cards, and shopping online. Stealing your ID is not that difficult anymore. Consumer advocates say you protect yourself by being aware of your surroundings while using your card. Also, keep an eye on the clerk while the transaction is being processed. "There are different devices called skimmers," said Chad Reiflin of the Credit Education Bureau. "Folks can use to skim our cards and steal and store information. So just as being street smart, you need to be credit smart - and smart about what's going with your information and what is happening with your card." While shopping online, make sure the site is secure.
Use free reports to monitor, clean up your credit
CREDIT REPORTS show the good, the bad and the ugly in your financial life. They also provide the basis for calculating your credit score, which among other things is used to determine what interest rate you pay on a loan or whether you even get a loan in the first place. That's why it's so important for consumers to obtain a free credit report once a year from each of the country's three major credit reporting bureaus: Equifax, Experian and TransUnion. Passage of a federal law in 2003 made this possible. Going over your credit report helps you find out not only if there are mistakes that could lower your credit score, but also whether you are an identity-theft victim. Sandra Chapin, program director at the San Mateo-based Consumer Federation of California, ordered her credit reports a few weeks ago.
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