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Good Credit Scores And Identity Theft

Published by Jeremy Englewood | June 1st 2009 | Views:

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If you love shopping online on the internet, you could be putting your good credit score at risk for identity theft. Statistics show that in 2008, almost 10 million Americans were victimized with identity theft, and most of it was through credit card fraud.

Credit experts recommend that you check your credit reports regularly - more than just once a year. Your chances of getting a good credit score may be hampered by wrong information on your report because somebody used your credit card. In addition, there could be inaccurate information on your report as a result of mix-up due to similar names, with somebody else's information being merged with yours. We know of a story of a father and son whose information got mixed up. The son had his father's car loan on his report, but his own car loan wasn't.

Your credit score is reported in points, and each item affecting your score could cost you five points or more. If you're just a few points shy from the 700s, which lenders now consider as the new minimum for a good credit score, each point matters.

Here's a list of things to check for:

An incomplete or incorrect name, phone number, or address

An birth date or Social Security number

Missing or incorrect employment information

Wrong marital status

Judgments or lawsuits reported beyond seven years or after the statute of limitations has expired

Bankruptcies over ten years old are that aren't llar to yours

Debts your spouse incurred before you got married

Duplicate accounts, listed under your original creditor and then again under the collection agency

Lawsuits that you were not involved in

Paid accounts that are listed as still unpaid

Accounts you already closed but which are listed as still open

Accounts you closed and which don't say "closed by consumer", making it appear that it was the creditor who closed your account

Missing notations when you disputed a bill

Incorrect account histories such as a late payment when you paid on time

Accounts that show you as a co-signer when you're actually not

Any other negative information that isn't yours or is incorrect

If you find any errors on your credit report, prepare your documentation and file a dispute with the credit agency. The credit agency is mandated to investigate your dispute and record the current status within 30 days. If it can't verify the information, it must delete it.

In order to achieve a good credit score, periodic checking of your credit report is important. You can find more information about how to get a really good credit score on our website. Read up on how to analyze your credit report and learn insiders' tips on improving your credit.
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