Credit Repair Identity Issue Solutions By Ian Webber At Isnare.com Ezine Articles

Credit Repair and Your Identity

There are credit repair techniques for everything from repairing errors on your credit report to dealing with identity issues. In all cases an intimate knowledge of relevant legislation is helpful in resolving the problem quickly. If you have concerns about illicit use of your identity credit repair offers a systematic way of evaluating and curing the problem, quickly and safely.

Evaluate the Situation

If you review your credit report and discover an account that does not belong to you, you may be a victim of identity theft, or you may not. Identity theft is a serious problem, and there is a powerful credit repair tool that can be employed to solve the problem rapidly, but before taking action you should evaluate the issue to insure that you are reacting in an appropriate manner. Not all unidentified accounts are the result of identity theft.

File Merger Errors

When the credit bureaus compile the accounts that are to be included on your credit report their software utilizes a matching criteria algorithm. This matching criterion is designed to allow for a small number of mismatches. There is a reason for this. A completely rigid matching policy would keep prospective lenders from viewing your credit report if a data entry person were to make the smallest mistake, and human errors do occur. Unfortunately, because of this matching flexibility it is possible that someone else’s accounts could appear on your report if they have enough similar identify characteristics. When this happens it is called a file merger error, which is easily corrected with credit repair.

Fixing File Merger Errors

You need a method to determine if you are a victim of a file merger error rather than identity theft. This will insure that you are not implementing the credit repair identity theft solution needlessly. Here is how you can tell. Once you have identified all of the questionable accounts on your report just call the creditors and ask if they really have a record of the accounts. If they do not have a record of the accounts in your name it is not identity theft, but a file merger error. All you need to do is to write to the credit bureaus, identify the erroneous accounts, provide your identification, and ask them to block the other person’s accounts. Your credit repair effort should do the trick within 30 days.

Identity Theft Cure

If, when you call the creditors to ask if they have a record of the questionable accounts, they say yes, you will need to put a more potent credit repair technique to work. The Fair Credit Reporting Act requires the credit bureaus to block the accounts that you have identified as not belonging to you. And they must do so within 4 days of receiving your request. Once the accounts are blocked from reporting, the credit bureaus will initiate an investigation. In order to put this powerful credit repair tool to work you must provide the credit bureaus with a police report listing the fraudulent accounts, your identification, and a signed statement that none of these accounts are the result of any transaction entered into by you. By law, if you provide your request to one of the three major bureaus they are required to alert the other two bureaus, but I suggest that you send your request to all three simultaneously.

Fraud Alerts

The Fair Credit Reporting Act also allows you to place a fraud alert on your credit report if you are concerned that someone may attempt to use your identity to apply for credit. I recommend this credit repair aid, it’s quick and easy. Once you request the fraud alert a statement will be inserted on your reports requesting that prospective lenders contact you by phone before extending credit. This is helpful and can go a long way towards protecting your identity, but unfortunately it is not foolproof for the reason that some lenders do not look beyond your credit score when approving a loan. For optimal credit repair security you should consider joining a monitoring service.

Monitoring Services

A monitoring service is a great compliment to your credit repair efforts. Credit monitoring services are offered by all three of the major bureaus. Once you are a member they will send you an email anytime there is a change to your credit report. You will be notified not just when there is the appearance of a new account, but anytime there is an inquiry. This can be very helpful to your credit repair project. If an error appears you will be able to deal with it immediately. And if someone does attempt to use your credit you will be notified of the fraudulent inquiry and be able to contact the creditor. Good luck!

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