March 27, 2009, Newsletter Issue #96: Review Your Credit Report for Telltale Signs of ID Theft

Tip of the Week

Over and over again we’re told that we need to review our credit reports regularly as a method of preventing identity theft. But what information is on the credit report and what telltale signs of identity theft are we supposed to be looking for?



Here’s a breakdown of the types of information included in your credit report:

Personal information includes your name, address, Social Security number and place of employment. Previous addresses and places of employment might also be included.

Account history includes a detailed list of your credit accounts and payment history. Each listed account will include the company name of the organization reporting the information, the account number, the type of account, terms of repayment, date the account was opened, the highest amount charged if it is a credit card or the original amount of a loan, credit limit, balance due at the time the data was reported, any amount past due at the time the data was reported, the account status, your payment history, and the date that the data was last updated by the creditor.



Collection accounts may be included with the account history or recorded separately.



Public records identify things like bankruptcies, judgments, tax liens, and state and county court records.



Credit inquiries will list all creditors and lending institutions that have accessed your credit report within the past two years.



Pay close attention to credit inquiries as telltale signs of identity theft. If the report is rife with attempts to open new accounts, then someone has access to your personal information. Also scrutinize the account history for every entry to search for activity that you did not initiate.



As a final note of caution to avoid identity theft: keep your copy of the credit report safe and secure or shred it if you decide not to keep it. It contains all the information a thief needs to effectively steal your identity.

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