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June 01, 2011

  • Warning Signs Of Credit Scams, Pt.4
       Protect and exercise caution.


    Identity theft is most likely one of the most intrusive of all credit scams. This type of theft often begins with credit card theft and evolves into stealing the victim's entire identity. With identity theft, thieves begin by stealing either a credit card, an individual's Social Security Number (SNN) along with other sensitive information. After accessing enough personal information, the identity thief typically begins with opening a new credit account and continues taking out more loans. The thief will spend all available credit before defaulting. Victims of identity theft are unaware of the fraud until they receive a phone call from their credit card company or other creditor looking for payment of the fraudulent accounts.

    To reduce your chances of becoming victim of identity theft, review your bank and credit card statements regularly for any suspicious activity. It is also important that you review your credit report on a regular basis. You are entitled to a free credit report from each of the three credit reporting bureaus once a year. If you pull each one once a quarter, you'll have an opportunity to monitor your report more closely and more often. Guard your debit and credit card information by taking special precaution when shopping online and don't every give your card information to another individual to use.

    If you have filed bankruptcy or are considering doing so, don't be fooled by a fraudsters claiming they can get you a new Social Security Number (SSN) to establish a new credit history. These fraudsters falsely lure you into their scheme by claiming that the length of time before you'll be eligible for a loan or credit card could be as long as 10 years. Don't get caught up in such a scheme; it is illegal and has a potential jail term.

    Protecting your personal information while exercising caution when managing your credit card data and other sensitive information, is the most effective way to reduce the risk of becoming a victim of a credit scams.

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