Back in February, I remember watching a report on 60 Minutes titled 40 Million Mistakes: Is your credit report accurate? The piece focused on a study that indicated that as many as 40 million consumers have a mistake on their credit reports. Correspondent Steve Kroft talked to several individuals who discussed just how hard it is to get any of the credit bureaus to fix mistakes, especially Experian.
Now, I'm actually someone who checks their credit report quite often. Every time I do a churn, usually every 90 days, I'll run a copy of my credit report and credit scores. Remember, you can get your free TransUnion score from CreditKarma and your free Experian score from Credit Sesame. Don't forget that you are also entitled to a free credit report each year from the 3 major credit reporting bureaus, thanks to Uncle Sam. I've actually been lucky enough to never find any mistakes on my reports...that is until my recent April churn. I noted an incorrect address, one that I had never lived at but was listed as a residence.
Experian, Transunion, and Equifax are the three companies that dominate the credit reporting market, tracking the financial prowess of US consumers. 60 Minutes: 2013 FTC Credit Reporting Study 60 Minutes investigated the stunning number of errors on consumer credit reports and how to make credit report disputes to Equifax, Transunion, and Experian. This information is sold to everyone from employers to insurance companies and creditors.
Looking at it from more of a micro point of view, it is estimated that roughly 19 consumers will fall victim to this crime every minute. On the average, it is approximated that it will take the average casualty 500 dollars and upwards of 30 hours to straighten out each individual account where an identity theft has occurred. Unfortunately, research has revealed that it is becoming more and more ordinary for criminals to actually prey on the individuals that they are closest to, an uncle or a grandparent perhaps.
"It's a pretty high error rate," Leibowitz observed. 60 Minutes: Fair Credit Reporting Act Mike DeWine, the Ohio attorney general, is investigating the credit reporting industry as well, and he thinks the findings are only going to make consumers more angry. He believes that the companies are violating the Fair Credit Reporting Act. "If you believe that there is a mistake, you can go to them and they have an obligation to do a reasonable investigation.
Now that we have taken a look at some of the nasty elements of identity theft, we can glance at the importance of having a professional credit monitoring service to keep a watchful eye over your financial institution:
You will be afforded the opportunity here to review detailed and precise credit reports, as the credit monitoring service you sign up with will pull your information through the three major credit bureaus; TransUnion, Equifax and Experian. You will have detailed access to every account on your credit report history in terms of the when and how they were initially established. Any time there is a noteworthy incident on your credit report that can significantly influence the particulars; a credit monitoring service will bring you up to speed and confirm that you are keenly aware of them. These extra set of trained eyes on your credit report are great for viewing it under the microscope with a fine tooth comb. Remember, they are professionals and a lot of the times they will pick up on things that you may have glossed over and missed. You gain the advantage of the identity theft protection that goes side by side with a credit monitoring service. The proper measures can be apportioned here by both you and your credit monitoring agency to terminate the identity theft in its infantile stages. For the criminal parasites that might try and attach themselves to your healthy credit report; they will exposed by the unauthorized user updates that you receive. Again, this leverages you to properly and effectively stop the crime before it gets out of hand. Lastly, there is the overall sense of well-being that goes along with knowing that there is a professional out there that's got your back in terms of you and your family's financial well-being.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
Now, I'm actually someone who checks their credit report quite often. Every time I do a churn, usually every 90 days, I'll run a copy of my credit report and credit scores. Remember, you can get your free TransUnion score from CreditKarma and your free Experian score from Credit Sesame. Don't forget that you are also entitled to a free credit report each year from the 3 major credit reporting bureaus, thanks to Uncle Sam. I've actually been lucky enough to never find any mistakes on my reports...that is until my recent April churn. I noted an incorrect address, one that I had never lived at but was listed as a residence.
Experian, Transunion, and Equifax are the three companies that dominate the credit reporting market, tracking the financial prowess of US consumers. 60 Minutes: 2013 FTC Credit Reporting Study 60 Minutes investigated the stunning number of errors on consumer credit reports and how to make credit report disputes to Equifax, Transunion, and Experian. This information is sold to everyone from employers to insurance companies and creditors.
Looking at it from more of a micro point of view, it is estimated that roughly 19 consumers will fall victim to this crime every minute. On the average, it is approximated that it will take the average casualty 500 dollars and upwards of 30 hours to straighten out each individual account where an identity theft has occurred. Unfortunately, research has revealed that it is becoming more and more ordinary for criminals to actually prey on the individuals that they are closest to, an uncle or a grandparent perhaps.
"It's a pretty high error rate," Leibowitz observed. 60 Minutes: Fair Credit Reporting Act Mike DeWine, the Ohio attorney general, is investigating the credit reporting industry as well, and he thinks the findings are only going to make consumers more angry. He believes that the companies are violating the Fair Credit Reporting Act. "If you believe that there is a mistake, you can go to them and they have an obligation to do a reasonable investigation.
Now that we have taken a look at some of the nasty elements of identity theft, we can glance at the importance of having a professional credit monitoring service to keep a watchful eye over your financial institution:
You will be afforded the opportunity here to review detailed and precise credit reports, as the credit monitoring service you sign up with will pull your information through the three major credit bureaus; TransUnion, Equifax and Experian. You will have detailed access to every account on your credit report history in terms of the when and how they were initially established. Any time there is a noteworthy incident on your credit report that can significantly influence the particulars; a credit monitoring service will bring you up to speed and confirm that you are keenly aware of them. These extra set of trained eyes on your credit report are great for viewing it under the microscope with a fine tooth comb. Remember, they are professionals and a lot of the times they will pick up on things that you may have glossed over and missed. You gain the advantage of the identity theft protection that goes side by side with a credit monitoring service. The proper measures can be apportioned here by both you and your credit monitoring agency to terminate the identity theft in its infantile stages. For the criminal parasites that might try and attach themselves to your healthy credit report; they will exposed by the unauthorized user updates that you receive. Again, this leverages you to properly and effectively stop the crime before it gets out of hand. Lastly, there is the overall sense of well-being that goes along with knowing that there is a professional out there that's got your back in terms of you and your family's financial well-being.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
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