As modern commerce has made the world smaller and smaller in many ways, your personal information is now shared with more and more people across the planet. This is not necessarily a bad thing but it can be if it is abused. Identity theft has become a major problem across the planet over the last couple of decades. As your information is sent from place to place to make purchases, apply for credit, etc. there are more and more opportunities for your identity to be stolen. So this spawned a new industry for identity protection. This industry specializes in keeping negative items off of your credit report which do not belong to you and keeping others from utilizing credit in your name. But how do these companies work? We will discuss that in today's topic.
Normally when you wish to apply for credit you must provide some basic identifying information and then it is assumed that if you have this information you are in fact the person who is applying for the credit. Typically this will be your name, last known address, and Social Security number. Unfortunately is very easy to obtain this information now and so further measures must be taken.
Identity protection companies add an extra step to the application process. Anyone applying for credit in your name must have a correct password or other verification step. If this information is not provided then the owner of the credit report, you, will receive an alert that someone has attempted to use your credit and the attempt will not be successful.
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