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.

If you suspect your credit card has been compromised, then it is very important that you report it to your card provider immediately, as they will be able to cancel the card on the spot, making it impossible for anyone to pay for goods or services or take out money on the card in your name.  The quicker you report this, the more likely it is that you will prevent any fraudulent charges from being run up in the first place, which can save both you and the card provider a lot of money and inconvenience.  If you suspect your credit cards have been stolen you will also need to report this to the police.

Credit card companies have significantly improved their fraud prevention and protection services in the last 5 years, and you should make sure you have provided them with an up to date telephone number (cell phone preferably), as many services will contact you immediately if they spot a suspect charge on your account.