Monitor Credit
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The most efficient way to monitor credit is through a reputable surveillance company. Low-cost web-based agencies provide 24/7 screening of consumer reports to detect suspicious activity or fraud and help protect an individual's creditworthiness. In the good old days, a man's word was his bond and paying bills on time was a hallmark of honor. However, in the last decade charge card fraud and financial identity theft have become increasingly prevalent. Even individuals with perfect credit and honorable payment histories are being threatened by hackers and hoods who only want to take advantage of someone else's good name. "A good name is rather to be chosen than great riches, and loving favour rather than silver and gold" (Proverbs 22:1). While consumers strive to maintain excellent credit scores and unmarred payment records, thieves spend all of their waking hours striving to gain access to personal and confidential information that can wreak havoc with a consumer's financial reputation.
Consumers who spend a lifetime diligently paying bills on time don't deserve to have a good name ruined by crooks that make an occupation out of robbing people blind. Victims of financial fraud can easily wind up losing jobs, homes, and livelihoods as a consequence of being demoralized and deprived of hard earned creditworthiness. While federal, state and local laws have become stricter, charge card criminals and ID bandits are not deterred from absconding with one of the most precious possessions anyone can ever have: a unique identity. Agencies which offer 24-hour online services to monitor consumer reports exercise diligence in detecting every wrong move a would-be credit bandit can make. When a creditworthy consumer's score begins to dip, it sends a red flag to surveillance agencies that something is seriously amiss. Surveillance agencies utilize sophisticated software to download reports from the nation's three reporting companies, monitor credit, and assess discrepancies which can indicate charge card fraud or impersonation for ill-gotten gain.
Hiring an agency to monitor credit is just one way to protect one's assets and fiscal future. Engaging the services of a reputable firm to provide twenty-four hour surveillance of consumer report activities provides peace of mind and a measure of insurance against fraudulent and unauthorized charge card use. By studying consumer reports, agents become familiar with an individual's spending habits, including each revolving charge or installment loan. If the amount of purchases within a certain time frame increase drastically or expensive items suddenly appear, the company hired to monitor credit expenditures and fluctuations can send the client an email alert. Monitoring software can detect when FICO scores drop or when unpaid balances remain on the books for too long. A series of charges that remain delinquent over several billing cycles might be a dead giveaway that either the owner has moved out of the country or that a thief is using the account illegally.
Firms which monitor credit also detect when new accounts are opened or when high-priced items are purchased. Evidence of whirlwind spending could reveal a round of newly opened accounts as if someone were on a shopping binge or splurging with abandonment. If clients have been consistent in making smaller purchases and paying off balances without incurring extra finance charges; but surveillance reveals that some accounts are remaining open for longer than 30 to 90 days, it is a fairly good chance that the client's credit has been compromised. Fraudulent practices also include charging items and having them delivered to addresses that do not match up with the client's; exorbitant spending on airline fares, hotel reservations, car rentals, or luxury vacations; or expenditures totaling thousands of dollars charged to a frugal client who has a history of charging smaller amounts.
What should someone do if charge card fraud or identity theft is suspected? Monitoring agencies will usually work with clients to notify creditors and begin tracking when and where charge accounts are being used. Merchants can keep a watchful eye out for accounts that have been tagged for suspicious activity; while store cameras and receipts are also tale-tell signs of fraudulent charge card usage. Aside from companies that monitor credit, store merchants who are alerted to the possibility of theft should ask for and carefully examine the identification of each customer using a charge account. Ask for more than one piece of identification, not just a driver's license. ID bandits can easily fabricate authentic looking licenses and Social Security cards using digital color copiers and design programs. Retailers should alert store clerks and supervisors to be on the lookout for individuals using accounts that have been closed due to suspected fraud.
In addition to hiring companies that monitor credit, consumers should be vigilant when it comes to safeguarding personal data and confidential information. Keeping a watchful eye on charge account receipts and carbon copies, ensuring that Social Security and bank routing and account numbers remain out of site or earshot; and shredding documentation, receipts and statements which contain sensitive information are all surefire ways of discouraging ID bandits from getting away with monetary mayhem. Cyberspace banking will also eliminate the paper trail that entices most crooks to fish through trash receptacles and dumpsters and rob people of their identities. Opening online accounts and paying bills via secure Internet sites not only eliminates paper, but also provides an almost impenetrable location for sensitive financial data. Computer users can also monitor credit easier online and access reports on a regular basis if they opt not to hire a surveillance agency. Creditworthy consumers don't have to let charge account crooks and ID bandits hold their credit hostage and rob them of the ability to obtain financing. Hard work and due diligence should be rewarded with low-interest financing, especially for those who make a habit of letting their word be their bond and paying bills to merit a badge of credit honor.
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