Identity theft is a term that many of us throw around without really understanding what it means – until of course it happens to you and you are suddenly thrust into a world where you can write a book on the nuances of identity theft. It used to be that in order for someone to steal your information they would typically have to physically remove it from your body. But today, with the computer at our disposal, it has become much easier for thieves to take our personal information and virtually run with it.

The worst part about identity theft is that it often takes months to reveal itself. There are many consumers who go about their day, having little idea of what is happening on their credit card statements, in their bank account, and on their credit report. With the myriad things that we are all responsible for handling on a daily basis it’s no wonder that things inevitably fall through the cracks.

But with one small action taken on a periodic basis, consumers can protect their interests and ensure that all is as it should be with their credit report. A free credit report is given to consumers who request it – reports pulled from all three credit bureaus – Experian, Equifax, and Trans Union. These reports detail a consumer’s credit history including a track record of payments, the amount of credit they have had in the past and currently have now, and any loan defaults that they may have experienced.

Using the information on a credit report, potential lenders are able to determine the creditworthiness of their applicants. But a credit report can also alert consumers to any wrongdoing being done to their credit score through identity theft. By procuring a periodic free credit report, consumers are taking control of their financial situation and protecting their private information.

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