How Can Identity Theft Protection Services Safeguard your Good Credit Name?

Every legitimate citizen in the US has their own consumer credit report, and these are held with the main credit bureaus Equifax, Experian and TransUnion, and list all of the individual’s credit history including any credit cards, bank accounts, loans, mortgages and so on.  Credit reports let lenders know what kind of credit history each consumer has, and whether they have followed repayment plans or have outstanding debts and arrears.  This can help lenders to judge whether applicants for their credit products will be suitable, and those that have had a bad credit history will most likely be turned down for many credit offers in the future.  Therefore it is important that you manage your credit products well, so that you are able to apply successfully for competitive credit products when you need them.

Identity thieves and fraudsters can often steal enough information about people in order to set up false accounts in their name or run up fraudulent charges on their existing credit accounts, and this can mean that the victims good credit name can be damaged, through no fault of their own.  Victims may then not be able to apply for credit such as loans, new bank accounts or mortgages until they have cleared their names, and this can be a long and difficult process.  This is why it is important to protect your credit report from the threat of fraudsters, and identity protection services can help you to do this in a number of effective ways:

• Credit Report Monitoring – identity theft protection services such as LifeLock, Identity Guard and ID Patrol all provide daily credit report monitoring, and will report back to you if any suspicious activity is discovered.
• Credit Report Fraud Flags – identity theft protection services can help you restrict all requests made for credit in your name by setting up fraud flags on your credit report, which means that all lenders will have to approach you personally for permission before authorising any applications.
• Credit Lock – a complete credit lock can be placed on your report, which will prevent anyone from accessing the details your report, or applying for credit in your name.