Wednesday, June 3, 2015

Know Your Credit Report

Not many days go by anymore without hearing about a data breach of some sort. Most recently, the IRS announced they were breached and over 100,000 taxpayers had their data exposed.  With technology becoming more ingrained into our daily lives, these data breaches are unfortunately something that we are going to have learn to live with in order to enjoy the conveniences we have today.

The best way to protect yourself and your identity is to monitor your account information and get a credit report annually.  First, make sure you review your bank and credit card information on a regular basis.  Each financial institution has a grace period for you to report any suspicious activity before you may become liable for it yourself.  By looking at your statements on a weekly or monthly basis, you'll be able to identify potentially fraudulent transactions, and eliminate the hassle of having to try and repair your credit history.

One additional step every consumer needs to take is to review their credit report.  The Federal Government mandates that each Credit Reporting Agency provide consumers with a Free report every 12 months.  One suggestion is to obtain a report every four months from one of the 3 credit reporting agencies.  Complete details on how to get your report is available on