In recent years, many financial institutions and other companies have begun offering customers identity protection services. What such services may not offer, many consumers do not realize, is that these services also protect the identity of the person they provide protection for. Although identity theft and identity fraud have become less common, they still occur quite a bit. Today, almost all identity theft and identity fraud cases result in financial institutions and other entities taking steps to safeguard the identity of their users.
With recent trends and changing opinions in the media on issues related to money, the identity theft and identity fraud prevention and help lines, and identity theft education initiatives, it is becoming increasingly difficult for individuals or businesses to take steps to safeguard their privacy and security on some of their many different types of financial transactions. Identity fraud often happens because the false identification is perpetrated through the use of a credit card or a social security number. Identity fraud also occurs when anyone with a valid Social Security card is the intended victim.
Given the varying likelihood that a person may be the victim of some sort of financial crime such as identity theft, creating a new computer fraudulant with a valid Security Rating (SOS) of 66 from the Consumer Credit Information Company’s Safe Harbor standard is not an option. This SOS must (1) be at least 90 days old, and (2) contain a photograph (NOT the card) that shows the card number, the account number and a verifiable social security number. If you believe that your identity has been stolen, you must notify the three major credit reporting companies (Experian, Trans Union and Consumers Bank) within 30 days.
The Identity Theft Lifeline is open 24 hours, 6 days a week 24/7 through 5.SAT, 24/7 Debt Counseling and 24/7 Personal Money Advice for People with Disabilities. Lifeline numbers can be found online at www.idiotincome.org/lifeline. If you think you may have been the victim of identity theft that could hurt your credit, there are other ways around your ID theft.
Sometimes if your credit is in a mess and you need to be able to repair it later, it can be much easier to call the credit card companies and find them faster. In fact, the time it takes consumers to contact each of the major credit reporting companies and begin to contact the companies themselves can be much reduced. It is easy to report someone who has been the victim of something to a credit bureau. But finding the credit bureaus and the credit reporting companies is even easier in the meantime, and that is by using the free Equal Credit Opportunity Services online.
Also, just because any credit reporting company requires an offer of credit from a financial institution to use your credit card, some consumers do not need to be told this information. Most credit bureau services electronically sign items such as a statement of account information that is provided by the credit reporting company from your credit bureau for every transaction that you make. But even receiving these statements not only includes a copy of your credit report, it also includes your statement of account and the results of an interview including the items. Only the credit reporting company can take the charges that you offer to the consumer and make them on your behalf.
If you find that your information is being stolen by anyone except the credit reporting company, you can file a Freedom of Information Act request to the creditor you reported the theft to. The creditor must give you the name, address and phone number of the national consumer reporting corporation.
Identity Theft And Bankruptcy
The average person today has near $50,000 in debt, which today is equal to or more than one and a half times the annualized income for all Americans today. If you were to take all of that and divide it by $50,000 and add it together, you will see that millions of people have a debt that ranges from $2,115 to $75,000.
It’s A Credit Lender’s Crime
If you are wondering why most people feel this way, the reason is because the lending industries are doing it. The primary purpose behind each loan is to lend money to your family, usually a friend, and the family member or persons you borrow to pay for student loans and other loans. These loans lend money and generally the interest rates are designed to bring down your outstanding balance.
Loan Rates And Interest
The interest on any single loan is normally much higher than the interest that a bank charges on all commercial loans and credit cards. It makes sense for these people to have an introductory special, so that they can get paid off within a certain period of time. The reason given for this special interest is due entirely to interest charges levied on the bank issuing the loan.
This interest-free period is often of interest bearing.