Originally published March 9 2005
Fraudulent credit card use can cause long-term financial problems
by Mike Adams, the Health Ranger, NaturalNews Editor
Many factors, including a stolen credit card, unpaid medical bills, or a co-signed loan, can have long-term effects on your credit. Yearly personal credit reports are one way to ensure that your credit report is accurate. Free personal credit reports can now be obtained from Equifax, Experian, and TransUnion, three national consumer credit-reporting agencies. These credit reports can be ordered online at www.AnnualCreditReport.com.
Stuck at deer camp with no telephone, the Rockford police lieutenant could not report the loss, which would have triggered a fraud alert on all his credit-card accounts.
Mazur tackled the problem head-on -- he obtained his personal credit report to make sure they accurately reflected his credit history -- and not the extravagant spending habits of a backwoods thief.
"I have a report done every year for my own protection," Mazur said of the credit reports.
It is one of the more visible components of the Fair and Accurate Credit Transactions Act signed into law by President George W. Bush last year.
It may not be until you apply for a store credit card that you learn something is amiss.
With the new law, you can get a free report once every 12 months from each of the three national consumer credit-reporting agencies -- Equifax, Experian and TransUnion.
An annual review can save you a lot of aggravation, especially if your credit report is inaccurate, said Julie MacDougall, a counselor with GreenPath Debt Solutions in Grand Rapids.
President Bush, in declaring Feb. 6-12 National Consumer Protection Week, called identity theft "one of the highest impact financial crimes in our nation."
"Identity theft can undermine the basic trust on which our economy depends," Bush said in the proclamation.
"The credit agencies don't notify you just because there has been a lot of inquiries," Mazur said.
Most people don't know until they apply for a loan."
The poor credit score that you knew nothing about affects what you pay for car insurance and, in some cases, can sabotage your job hunt.
The source of a bad credit rating might be something you have overlooked or assumed was taken care of, MacDougall said.
All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing LLC takes sole responsibility for all content. Truth Publishing sells no hard products and earns no money from the recommendation of products. NaturalNews.com is presented for educational and commentary purposes only and should not be construed as professional advice from any licensed practitioner. Truth Publishing assumes no responsibility for the use or misuse of this material. For the full terms of usage of this material, visit www.NaturalNews.com/terms.shtml