Check Your Credit Report Before Buy a Home

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Check Your Credit Report Twice a Year will Save Thousands

Beware with Television Advertising that offer Free Credit Reports, Thousands of People got Ripoff Remember.

Why? Lenders, employers, landlords, auto loans, Your identity theft stolen and other service providers buy that information in the form of a credit report to help them decide whether to approve your application for a loan, credit card, job, or housing, or to offer you a product or service at a particular rate.

Your credit file changes constantly, it's important that you review your information regularly to check its accuracy.

What Information is Included?

Personal information. Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security Number, date of birth, and current and previous employers.

Credit history.

The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts,depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity.

Inquiries. Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.

Public records.

Matters of public record obtained from government sources such as courts of law -- including liens, bankruptcies,and overdue child support -- may appear on your credit report. Most public record information stays on your credit report for 7 years.

What is Not Included?

A credit report does not include information about your checking or savings accounts, bankruptcies that are more than 10 years old, charged-off or debts placed for collection that are more than seven years old, gender, ethnicity, religion, political affiliation, medical history, or criminal records. Your credit score is generated by information on your credit report, but is not part of the report itself.

Who Can Look at Your Credit Report?

Anyone with what is considered a permissible purpose can look at your report. These companies, groups, and individuals include:

Potential lenders
Landlords
Insurance companies
Employers and potential employers (usually only with your written consent)
Companies you allow to monitor your account for signs of identity theft
Some groups considering your application for a government license or benefit
A state or local child support enforcement agency
Any government agency (although they may be allowed to view only certain portions)
Someone who uses your credit report to provide a product or service you have requested
Someone that has your written authorization to obtain your credit report

How Identity Theft Strikes

First, what exactly is identity theft? Identity theft occurs when someone steals your personal information to take over your credit accounts, open new ones, take out a loan, rent an apartment, access bank accounts, or commit many other crimes using your identity.

When it strikes, the effects can be devastating. What's more, because it frequently involves no physical theft, identity theft may not be noticed by its victims until significant damage has been done -- often, several months and thousands of dollars later.

How do thieves do it?

Then they use your personal information by...

Facts and Statistics

Below are just a few recent facts and statistics about credit fraud and identity theft.

"More than 27 million Americans have been victims of identity theft in the last five years.... To deal with the problem, consumers reported nearly $5 billion in out-of-pocket expenses."
-The New York Times

"Stealing someone's identity to acquire -- and use -- new credit cards has become one of the most popular white-collar crimes today, according to fraud investigators from across the country."
-Knight Ridder/Tribune Business News

"This year alone more than 500,000 Americans will be robbed of their identities...with more than $4 billion stolen in their names."

"In one notorious case of identity theft, the US Department of Justice reported that the criminal incurred over $100,000 of credit card debt, obtained a federal home loan, and bought homes, motorcycles, and hand guns in the victim's name all the while calling his victim to taunt him."
-US Department of Justice Web site

"The number of identity thefts in the U.S. has skyrocketed during the past 15 months."

"According to a convicted ID thief in Denver, CO, "On a good day I could make $5,000 in cash and another $7,000 to $8,000 in merchandise..."

"A recent report on identity theft warned that there is likely to be "mass victimization" of consumers within the next two years. The report said consumers should be extra careful to monitor all their financial transactions for unexplained account activity, withdrawals, or fund transfers."
-The Gartner Group, a technology research group

"Every 79 seconds, a thief steals someone's identity, opens accounts in the victim's name and goes on a buying spree."

"Experts report that a victim can spend anywhere from six months to two years recovering from identity theft."

"Most people don't find out they have been a victim of a stolen identity until they are turned down for a loan or credit card. A copy of their credit report explaining the denial may unveil weeks or months of fraud."