Avoiding Identity Theft With Fraud Alerts; It Does Not Have to Cost You Anything
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There is no doubt that Identity Theft is scary. Just imagine, a criminal can steal your identity, open new loan and credit accounts in your name, clean out your savings, ruin your credit history, and leave you seriously in debt, owing banks and credit card companies tens of thousands of dollars. This sounds like a nightmare, except that it is real, and it has happened to many. It is estimated that there are anywhere between 7 Million and 15 Million Identity Theft victims annually.
Wouldn’t it make sense if banks and credit card companies were required to contact you at a secure telephone number prior to issuing any new loans or credit cards in your name? Absolutely!!! That way, you can be assured that no loans are approved in your name without your own approval. There are some companies out there that are offering Identity Theft protection tools that essentially revolve around such idea, and are charging around $100 per year for such service. Guess what, this idea is nothing new, and it is known as Fraud Alerts. It has been mandated as your right under the Fair and Accurate Credit Transactions Act of 2003, and best of all, Fraud Alerts is free!
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Technorati Tags: identity theft, identity fraud, identity theft protection, Fraud Alerts, FACTA
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