January 14, 2025

Credit Reports and Identity Theft

Every time you write a check, pay with a credit card, mail a payment, file your income tax return, apply for a new credit card, or conduct similar activities, you subject yourself to identity theft.  Identity theft is a serious crime.  The Federal Trade Commission (FTC) received over 1,035,000 identity theft complaints in 2023, which was a 6% increase from 2022.  The FTC also estimated losses from identity theft in 2023 to be $10.3 billion, a 16% increase from 2022.

One of the best ways to fight identity theft is through your credit report.  Credit reports are prepared by the three major credit bureaus: Equifax, Experian, and TransUnion.  Every financial account and credit relationship an individual has is detailed in a credit report.  Credit reports are used to determine mortgage rates, credit card interest rates, job applications, rent applications, car payments, and many other everyday activities.  Individuals can access their credit reports from all three companies for free by visiting: https://www.annualcreditreport.com (you can also access a link to this site from the FTC website).  Be sure to use only this site and not one of the fake sites with a very similar name.  Previously, you could only get a free copy of your credit report once a year, but you may now get a free copy once a week.  The new time frame is a significant and recent change in policy.  Note that you will be required to enter your Social Security number and other confidential information in order to gain access to your credit report.  Also note that you should occasionally request a credit report for your children under the age of 18, as kids are not exempt from having their identities stolen.  Some credit card companies and banks will also provide you with a free copy of your credit report.  A credit report will allow you to see if there are any unknown or suspicious accounts or past due liabilities in your name.  If you are uncomfortable going online, here is the contact information for the three credit bureaus:

EQUIFAX EXPERIAN TRANSUNION

P.O. Box 105139 P.O. Box 9701 P.O. Box 2000

Atlanta, Georgia 30348 Allen, Texas 75013 Chester, Pennsylvania 19016

888-378-4329 888-397-3742 800-916-8800

If you believe you are the victim of identity theft, here are some actions you should take:

  1. Place a fraud alert on your credit report with all three credit bureaus. You only need to contact one of the companies, as they are required to notify the other companies.
  2. Immediately close any questionable or tampered with accounts and request the company=s fraud dispute form.
  3. File a police report in the community where the identity theft likely took place and obtain a copy of the report once it is prepared.
  4. File a complaint with the FTC online at https://www.identitytheft.gov or call the FTC Identity Theft Hotline at 1-877-438-4338 (1-877-ID THEFT).

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