How to Check Your Credit Report for Identity Theft
Protecting yourself from the damages of identity theft involves reviewing your credit file to ensure that the information is correct. You can order one free credit report each year, but it is recommended that you review your credit report at least twice a year. Your credit file is a key part in determining your credit worthiness, and the adversities an identity thief can wreak on your credit score can be devastating. It is critical that you ensure the accuracy of all of the information on the credit report, and if the information is not correct, file a dispute immediately.
Understanding your credit report
Your credit report illustrates your financial story, one that is of special interest to lenders, financial institutions, and potential employers. It is a look into how well you manage payments and your finances. Typically, different types of data are submitted to the reporting agency, ranging from your creditors to public records from court. Once a submission goes on your report, it stays on from seven to ten years. Positive marks will improve your buying power, but if an identity thief uses your name to open new accounts, credit cards, purchase cell phones, houses, etc, these all become negative marks that can destroy your financing ability - after all, the thief using your good name certainly won’t pay for their fraudulent purchases!
The credit score on a credit report reflects your risk factor, not the ability to pay. It is a number generated when analyzing your complete credit file. The higher that your score is, the less risky you look to a lender. Scores range from (low) 340 to (high) 850.
Ordering your credit report
All Americans can order one free credit report in each 12 month period. You are entitled to obtain a free credit report from each one of the three agencies. Users can order a free credit report, but usually without credit scores. Credit scores can be purchased as an added feature for a fee.
The three national credit reporting companies have set up a single website for you to order your free annual 3 credit reports. Visit their website at www.annualcreditreport.com. If you would like to order by phone or mail, use the following information: Phone - (877) 322-8228 or Mail - Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. When submitting a request by mail, you will need to print and complete the Annual Credit Report Request Form. You do not have to contact all three of the consumer reporting agencies individually because they provide your free annual reports through the website. The law permits you to obtain one free report every 12 months, from each of the big three credit bureaus.
You will need to provide the credit bureaus with specific information, including name, address, date of birth and social security number. In order to maintain security, each one of the credit reporting companies may ask security questions that only you know. Prepare to answer any question they ask so that your identity is clear.
Reviewing your credit report for signs of identity theft
When you obtain your credit report, review it very carefully to ensure all of the information is correct. The signs of an identity theft attack are apparent in several red flags:
- New accounts that you did not open
- New debts that you did not accrue
- Rental agreements or mortgages in your name you do not own
- Addresses, “other names,” and employers that are inaccurate
It is critical that you ensure that everything that is listed in your credit report is accurate. File a dispute to have any inaccurate information removed. The credit bureau has to bear the burden of proof, and they will conduct an investigation into your disputed accounts. If the credit reporting provider finds that the information in question is inaccurate, they must notify all of the three nationwide reporting companies in order to correct the information that they have in your file.
When they complete their investigation, the credit bureaus will respond within 30 days with results in writing, and they should send you an updated report so you may review that the fraudulent charges have been removed. You may also request that the reporting company send correction notices to any party that had received your credit report in the previous six months.
Use the following information to file your dispute with any of the three agencies; they will notify other related financial institutions of any possible changes or erroneous entries. You can also contact them directly if you have any questions about the dispute information.
- Equifax: (800) 525-6285, www.equifax.com, P.O Box 740241, Atlanta, GA 30374-0241
- Experian: (888) EXPERIAN, www.experian.com, P.O Box 9532, Allen, TX 75013
- TransUnion: (800) 680-7289, www.transunion.com, Fraud Victim Assistance Division, P.O Box 6790, Fullerton, CA 92834-6790
Improving your score can be achieved, but it may take some time. While you are waiting to hear about the items in dispute, you can focus on other actions that will significantly improve your credit score, such as pay your bills on time and staying clear of new debt.
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