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Empower Yourself against Identity Theft

By Karen Anderson
Published: Saturday, November 21st, 2009

Each of us should have a proper grasp of the credit report tips available that would guard us against identity theft. Why? Because we all know how devastating identity theft can be. When malicious individuals have full access of all our essential information, the damage they can do is almost unimaginable. Not only are we robbed of our hard-earned resources, we could even be used for highly incriminating transactions that could warrant us federal punishment. Unfortunately, the increasing use of credit has made identity theft even more prominent. How then could we protect ourselves from this?

Fortunately, there are laws available which provide us with rights that serve as our first line defense against identity theft.  The Fair and Accurate Credit Transaction Act is one such law. One of the key advices to be considered among credit report tips is familiarity with this law. This is because it provides us with many potent rights. 

For instance, many are unaware that they are able to get a free copy of their credit report once a year. Thus, they would usually avail of the services of a credit reporting agency when they want a copy of their credit report. Some credit reporting agencies in turn take advantage of this ignorance and charge a high price for this supposedly free service. Another privilege this law affords is that victims of identity theft are able to receive additional free reports from credit bureaus

There are many other credit report tips that this law provides. The Fair and Accurate Credit Transaction Act also empowers active military personnel. Accordingly, whenever they are deployed overseas, they are able to place special alerts on their files. An equally important right which safeguards us from identity theft is that we are able to block erroneous information from appearing in our credit report.   

Once we suspect that we might be a victim of identity theft, we should report it to the credit reporting agencies. The credit reporting agencies in turn are given the responsibility of ensuring that all credit requests are legitimate after the said event. Does the law provide existing credit report tips for victims of identity theft?  Absolutely! Victims of identity theft are given the capability to access business records that lists the identity thief’s fake transactions. This is truly critical for they are then able to arrest the identity thief from committing any more damages. 

Essential to protecting one’s identity, the law also states that store receipts should reflect only the last five digits of the credit card account. In the event that lenders and credit agencies are able to identify possible identity theft, then they should take action as soon as possible. The same goes for debt collectors. They have the responsibility of informing the creditor if they spot fraudulent information on the report. 

Thus, by working together with the proper agencies and by careful consideration of the credit report tips provided by the Fair and Accurate Credit Transaction Act, we are better able to empower ourselves against identity theft.

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