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2008-07-15 05:33:54
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Article by David M Siegel |
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Today most consumers can get credit within half an hour after going into a store. All that they need to know is personal information about themselves and their credit report. Such credit system allows consumers to spend carelessly without having the hassle of waiting to get credit Such spending is partially responsible for the high rate of personal bankruptcies filed during recent years. However, there are also other side effects that come with such credit systems.
What is going to stop someone from stealing your identity and getting credit on your name? All that the thief needs is to know some personal information about a consumer, which is not that hard to find for an experience identity-thief. One of the ways that the consumer might find out about fraudulent credit being taken under his name is by checking his credit report; to see if any of the credits are not his. A consumer can check his credit report once a year for free on annual credit report.
Seeing any credit that does not belong to the consumer should alert him for further investigation. The creditors that are shown on the report should be contacted immediately, after which credit agencies should be notified of the fraudulent transaction. So how does the overall market system approach this problem? They just deal with the symptoms. They accept the fraudulent credit reports as glitches in the system, but resist taking any permanent solutions. The explanation for such ignorant approach might be explained by the theory that protecting consumers from identity theft will slow down the economy. The identity check at the credit station is going to become more scrutinized, making it harder to get credit and harder to buy. All of this means less spending, less profits and slowdown in the economy; something that the credit companies are not willing to accept.
For more information about protecting your Credit, visit the popular blog at http://newinfopost.com/credit/identity-theft
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Identity Theft
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http://newinfopost.com
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