Cyber crime is on the rise and usually results in ID theft. That can include theft of credit card numbers, debit cards, social security number or any other personal/financial information.
Criminals use sophisticated online phishing schemes to lure your into giving them your personal information through fake websites that imitate legitimate sites.
Criminals can also use the old fashioned way of stealing wallets or purses. Even if you just lost your purse or wallet, you stand a chance of getting your ID stolen.
Id theft can affect your credit in a bad way, not to mention your finances in general. It can completely ruin your financial future for years. Once a criminal gets your credit/debit card they can completely max out your credit cards or withdraw (steal) money via your debit card. You could be held liable for any charges to your account. They also can use YOUR social security number to create a whole new Identity for themselves.
All this will have a negative impact on your credit history. Having poor credit score can mean higher interest rates on loans and possibly higher insurance premiums -each of which can end up costing you thousands of dollars. Even some employers are checking credit histories of potential employees so it could affect your ability to get a job.
If you are just trying to improve your score you may want to monitor your credit score/report over a period of time to track your progress.
At the very least you can check your credit report at least once a year to check for errors and much more often if you suspect ID theft.
You can get 3 free credit reports from annualcreditreport com. The problem with that is you can only get each of 3 reports once a year. You could request one of the 3 reports every few months if you want to - but that still may not be enough.
You can also get your credit scores from each of the 3 credit bureaus for a fee. Those aren't free.
There are services that monitor your credit scores and report. They are usually monthly fee based. Some provide theft protection in the form of insurance, as well as alerts to changes. They usually give you your scores right up front.
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Should You Monitor Your Credit Report / Score
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