Have you wondered if there is a way to find out if you are at risk for identity theft without signing up for a monthly service? If so there is good news for you. There is a new service called MyIDScore.com which comes highly recommended by such experts as Clark Howard.

It works in a similar manner to some of the free credit score Web sites; when you go to the Web site, you fill in your personal information, i.e. name, date of birth, address and phone number, and your Social Security information. You are then asked several questions about who you are. It next goes through every digitized financial transaction record it has and finds out if anyone else appears to be using your personal information. This technology has been in use for a while now; financial institutions use it, for instance, when verifying information of potential new customers who apply for a credit card.

Click here to visit MyIDScore.

It calculates your ID security by using the identity database that belongs to ID Analytics. The database holds millions of bits of personal identity data — names, contact information, Social Security numbers — information gleaned from such sources as change of address forms. Fraud is detected, for instance, if it finds an application for a loan or credit card was submitted using your address.

Fortunately, most people are not victims of identity theft or fraud and thus get the safe low score of around 300. Anyone who gets a score exceeding 300 is asked to get in touch with a nonprofit organization called the Identity Theft Resource Center for a free investigation.

In addition to using a free service like this, it is strongly recommended that you check your credit report; by law in the U.S. you can receive the report free of charge once a year at AnnualCreditReport.com

While MyIDScore offers a great deal, it is worthwhile to be more proactive on you own in preventing identity theft. Be aware that this services does not encompass every credit card issuer; nor does it include direct deposit account information or medical information. Nonetheless for what it is, a free service, it is a useful resource. You can read more about it at ClarkHoward.com Also see the video below to learn more about Identity Theft and How Can You Prevent It

YouTube

Identity Theft Phishing

Edward C. Reed High School (Sparks, NV) Multimedia Presentation for 2006′s FBLA National Leadership Conference in Nashville, TN. We placed THIRD in the nation with this baby, WHOO! Team: Billy Hong (Technical), Leslie Parawan (Presentation), Yilok Wong (Research)

To aid in preventing identity theft, credit bureaus Experian and Equifax announced that they will offer consumers the option of freezing their credit histories.

Major credit bureaus Experian and Equifax on Thursday joined TransUnion and said they will, this year, let people in all 50 states freeze their credit histories.

Experian’s service, which goes into effect Nov. 1, is the latest big victory for anyone who wants to be proactive about preventing identity theft, consumer advocates say.

The decision by all three bureaus to offer national freezes will let consumers lock down their credit histories — especially if they are victims of identity theft. Until now, a patchwork of laws in 39 states allowed consumers, to varying degrees, to protect themselves.

Last month, TransUnion was the first of the so-called Big Three to announce such a service. Equifax (EFX) is scheduled to start its service by early November, company spokesman David Rubinger says. He declined to give any details.

“This is very significant for consumers who live in the 11 states without freeze laws and the four states with limited laws,” says Jeannine Kenney, a senior policy analyst at Consumers Union.

The FTC website has information on credit freezing; when and how its use may be effective in cases of identity theft. Consumers Union website has information on existing state laws on credit freezing.

Following upon credit bureau TransUnion’s announement that it will allow consumers to “freeze” their credit in the case of identity theft, Equifax said it will make that same service available in the eleven states that do not have credit-freeze laws:

The company was responding to an announcement by TransUnion a day earlier that it will allow consumers to bar anyone from accessing its credit reports on them without their permission beginning Oct. 15. Freezes would be free of charge to ID theft victims, TransUnion said.

For everyone else, however, the cost will be $10 to initiate the credit freeze, and an additional $10 to lift it.

Experian, based in Costa Mesa, Calif., seemingly will do the same.

“Experian has been studying this matter for some time and is nearing the end of that process,” spokesman Donald A. Girard wrote in an e-mail Friday. “We expect to make an announcement on our decision in the near term.”

Under TransUnion’s plan, consumers — except for ID theft victims — will pay a $10 fee each time they want to freeze their credit reports and another $10 whenever they want to unfreeze their files. TransUnion said customers will be able to unfreeze their accounts with a telephone and a PIN.

Consumer activists welcomed the measure. But they said unless Experian and Equifax did the same, people would remain vulnerable to ID theft. They also said the $10 fee is too high.

“For a security freeze to be effective to stop new account identity theft, it must be placed at each of the three major credit reporting agencies,” Gail Hillebrand, a senior attorney at Consumers Union, said in a statement. “Otherwise, it would be like locking the front door to your house, while leaving your window and back door open.”

Consumers Union, AARP, Consumer Action, the Consumer Federation of America, and the Privacy Rights Clearinghouse sent letters to Equifax and Experian, asking them to match or surpass TransUnion’s plan.

“In an effort to reduce the incidence of identity theft, the Anti-Phishing Working Group (APWG) is joining the Federal Trade Commission’s (FTC) nationwide “AvoID Theft: Deter, Detect, Defend” campaign to educate Americans on how to minimize risk of identity theft and quickly fight back if they become a victim.”

The press release also contains links to two useful pdf publications which can be downloaded and printed as brochures. Keep in mind, as well, that the FTC Identity Theft website has many helpful resources.

Privacy Rights Clearinghouse offers a detailed fact sheet on debit card usage and the risks consumers may face if cards are lost, stolen or data breached or otherwise compromised. Unfortunately, and not widely known, debit cards do not offer as much protection to consumers in such cases of theft or other misuse. The report also offers valuable information on credit card and gift card usage.