Wednesday, August 17, 2011

Identity Theft

I started to become aware how credit score is important when I started to work and opened my own credit line.  Building a good reputation starts when I pay by credit and pay it promptly.  This builds a good record of credit and opens new avenues to get money at lower rates when financing an automobile or a home.  How important is one's credit rating?  It can be the difference between acceptance or rejection, but it can also lower the rate that is offered significantly.  One percentage point in interest can mean hundreds of dollars in one's pocket at the end of the year; therefore, maintaining one's credit is extremely important.

Identity theft can completely destroy an individual's credit score as well as his life.  It can take years to repair one's reputation after an episode of identity theft.  In some cases individuals who have been extremely responsible with their finances have been financially ruined by identity theft, leaving them deeply in debt for years.  Probably most of you can remember hearing of at least one case of identity theft.  Fortunately, today there is an answer for this problem.

Rather than taking a chance at being devastated by a case of identity theft, monitor your credit by getting a free credit score.  Then you will know in advance what mortgage companies or banks will be seeing when you seek a loan for a home or car.  In addition to this, you can also take steps to prevent identity theft or protect yourself in the event it happens to you.

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