A credit score is a number which is based on the information contained in an individual’s credit reports from the three major credit bureaus: Experian, Equifax and TransUnion. A triple credit score report is a report that compares the ratings from each of the three bureaus side by side.
With identity fraud on the rise in the US, it’s important for every consumer to check their reports on a regular basis and if possible, to subscribe to a credit monitoring service that provides daily monitoring of your credit reports with all three bureaus and sends you an email alert if any and all changes occur.
This is helpful because if you receive an alert about an authorized account opened it could be somebody attempting identity theft. This warning affords an individual the opportunity to alert the authorities and have the account closed before any or too much damage can be done.
Identity fraud is a nasty and hurtful experience to have to deal with. If you suspect that you have become a victim to this popular crime, you should immediately contact your local or state police department informing them of the details of the crime, as well as the lending institution involved.
In some cases and with some banks, if the crime has resulted in a loss of funds, the funds may be returned if the consumer is covered by the appropriate insurance. Unfortunately this is not always the case, and a consumer needs to stand their ground with the lending institution involved until a financial reimbursement has been made.
Consumers are advised to check their triple credit score reports on a regular basis to guard against being a victim of identity theft. Nothing can prevent the crime, but time is of the essence when it comes to identity theft.