- Yet Another Number You Have to Worry About - Your ID Score
- Just when you finally got your credit score under control and your debt-to-limit ratio was under 30%, now you have another number to
worry about. It's your ID Score.
'What is an ID Score?' you ask. Well, it's a relatively new number that the credit bureaus have come up with to make sure that you are
who you say you are. It is promoted as a tool to predict the likelihood of Identity Theft. The score ranges from 0 to 999, and this is one
score that you want to be low. Identity scores are calculated from information in your credit report – yet another reason to make sure
that you know what is in all of your credit reports and that the information that is there is accurate!
Identity scores are based on how certain personal information is used in credit transactions or for credit applications. Things that will
make your ID Score lower (Better) are: stability in address, living in a single family home where your mail only comes to you not a
multiunit mail box, not changing your name when you marry or divorce, and having a local cell phone number as your contact number
on an application.
It has been found (Experian did a survey) that those with good credit scores get approved for credit more easily. This makes them
more likely to be a victim of identity theft because their scores create fewer barriers to approval by someone who is trying to steal that
identity.
If your ID Score is too high when you apply for credit, you will be asked 'challenge questions' very similar to those asked when you
tried to get your credit report from annualcreditreport.com. I don't know about you, but I found the answers to some of those questions
tough to remember. I know I could not have given the name of my first mortgage company (over 25 years ago!) if I had not had
access to my own credit report. If I had not been able to prove my identity by answering challenge questions, I might have been asked
to go to a bank or to fax in proof of identity like a passport or drivers license. How inconvenient and what might this do to online
transactions?
I know that identity theft is a growing problem but do we really need another 'score' to be measured against? The attempt to create
incredibly detailed consumer files is troubling. And, toward the issue of accuracy, you now must really be vigilant in checking your
credit report and correcting even the seemingly smallest of details as that could be the one thing you are asked to verify your identity.
Bad credit report data will make your ID Score bad as well.
You can get a free copy of one of your ID Scores at MyIdScore.com. They ask for your name, social security number, address, phone
numbers, date of birth, and email. Without your SS#, the system will return a significantly higher score than it will if you enter it along
with the other required information.
You may not think this is important until you try to open a new account and can't remember your address from 7 years ago and have
to go to a local bank to prove you are you. Now is the time to check and make sure your credit reports are completely correct and
what you ID Score says about your likelihood of being a victim of identity theft.
Credit Article by Linda Adams - The Clean Credit Queen
Good Day and Good Credit
| Helping Real Estate Investors, Small Business Owners, and Regular Consumers Find Solutions to Credit Challenges |
| Linda Adams - The Clean Credit Queen™ |
 |  |  |  |  |  |  |  |
| 2008 Copyright © LDRA Performance Consultants Inc. All Rights Reserved. |
Linda Adams, The Clean Credit Queen is not a registered investment advisor and the information provided on this website should be considered educational in nature, but it is not a substitute for legal or professional financial advice. If you believe you need the help of a Certified Financial Planner or other investment counselor, please seek a qualified professional. |
| Home |
| Got Credit Problems? Credit Education Works. Get Your Credit Out of the Red and Into the Green! |