What's Identity Theft?
Identity theft happens when your most sensitive personal and financial information is stolen by identity thieves who assume your identity and commit crimes in your name:
- Your bank and checking accounts are drained
- Credit is established and thousands of dollars are quickly spent
- You are accused of owing money for purchases you never made
- You spend months or years trying to clear your name
- Necessities such as credit cards and cell phones are placed on hold
And, unless you detect and stop it, your identity can be used over and over again.
Credit reports are windows into your private life:
- Lenders look at your credit history to determine the interest rate and loan amount they will offer, and whether or not to approve you at all
- Prospective employers check your creditworthiness as a signal into how responsible you are
- Even prospective home buyers, sellers, and landlords will evaluate you vs. other prospects when deciding with whom to strike a deal
A credit report is a comprehensive historical summary of your loans and the timeliness of your payments to creditors. Credit reports are used by lenders, prospective employers, and businesses to determine how well you meet your financial responsibilities.
Credit monitoring helps ensure that activities in your credit bureau file are accurate, so you can detect early signs of fraudulent activity by identity thieves.