fatbrit

I don't think any post was saying that it was wrong to use a credit monitoring service. Al's post merely highlighted the unethical nature of the business -- but it went right over your head! Not sure you fully understand it yet, so here's my explanation using simple words.

Some of the blame for increase in ID theft can be placed directly with the credit bureaus since they have failed to implement adequate safeguards to prevent unauthorized use of your data. Instead, the bureaus are delighted to charge you for protecting your own data. In other words, pay us the money or we'll screw your life up! This is little different from the tactics used by the mob in extortion rackets.

franc11s

Der!! Your right I did NOT get that's what you were saying at all. It's so much easier without cryptic clues as I'm obviously way too slow.

So, now we are on a "this now makes sense point" topic, lets see where this takes us.

I agree with your point that "some of the blame" is with the agenceis. I guess too a lot of the blame though exists with the lack of checks and balances with the banks, lending companies, credit card companies etc.,. i.e. at the SOURCE since they are the ones that do very little validation really. In fact they want you to have a low credit score so they can charge you more... what's hat all about... I also posted before when I went back to the UK and couldn't get a mobile phone without a huge deposit since my credit rating was shot after being gone for 4 years.... it's all weird.

fatbrit

The blame lies across the whole of the financial industry and their politico friends. Remembering always that corporation have privileges granted by the people, not rights, we need a major reversal in the way things happen in Washington. At the moment it's getting silly with states enacting their own legislation because it obviously is a federal problem. My solution would be several fold:

1/ Kick the lobbyists in the crotch, very hard!
2/ Appoint independent "credit bureau" ombudsman with large boots and wide powers tasked to protect interest of consumers above that of the corporations.
3/ Compel all credit bureau data gatherers to form single company to protect release of consumers' data. At consumer's request, release of any data will be put on hold unless consumer specifically authorizes release with PIN code. This system could be automated and accessed via automated telephone/web -- keeping costs down. Credit bureaus would be unable to charge directly for this service (though it would of course be passed on to the consumer via lending charges).

Big D

The root of ID theft issues in this country is the over and mis use of SSN - which is used in manners it was never designed to - it should never have been linked to finance as it has.

Obviously not the only cause

anotherlimey

I've got special shiny hats for sale, they protect your head against all known terrorist threats* - $20 a pop; how many shall I put you down for?

*I only know of BB shots from 20 yards

franc11s

Lets give the job to Google. They love collecting Data and they don't charge consumers for anything. They always charge the corporations

Big Vern

I use Identity Guard, but I get it cheap cos I worked for a bank.

The best feature of it is the Credit Analyzer, which lets you do 'what-if' scenarios on your credit, such as, 'if I get rid of this credit card and take out a loan for $3000 and get such and such a mortgage' and it calculates your credit score for you. I know it works, cos I've been in the US for two years and by following its advice I got my credit up from the mid 500's into the 700's, and it hit the numbers exactly as predicted.

Quite a useful little site....

BigDavyG

Not really - if you didn't pay ronnie and reggie they would make sure you got what you didn't pay for.
I don't think the same could be said in this case, though I may be wrong.

BigDavyG

Of course that's what happens

evoal2003

Fear has many faces but most of the time, forces one outcome, submission.