Kroll Fraud Solutions Blog – A Dialogue on Data Security

Tip #3 Know what to look for when checking your credit report. Consumers are frequently reminded to check their credit reports for “suspicious activity,” but what exactly does this mean? And what’s the best way to go about obtaining your credit report?

You can obtain a report from the Annual Credit Report Request Service, which was established pursuant to the Fair and Accurate Credit Transactions Act (FACTA). You can obtain a free credit report once every 12 months from each of the credit reporting agencies (CRAs). This can be done online at www.annualcreditreport.com. Kroll suggests obtaining the reports one at a time at regular but staggered intervals to provide snapshots of your current credit history throughout the year.  Everyone should review their credit reports, even if they have not applied for credit recently – just because you are not using your identity to obtain credit doesn’t mean someone else isn’t.

The following are a few of the federal laws that apply to consumers. Some states have additional consumer rights laws that apply, so be sure employees understand these as well:

• Identity Theft and Assumption Deterrence Act – Enacted in 1998, this act officially makes identity theft a federal crime.
• Fair Credit Reporting Act (FCRA) – Regulates the collection, dissemination, and use of consumer credit information. The FCRA establishes many consumer rights, including the right to a free credit report, and also defines the procedures for correcting fraudulent or inaccurate information on the report.