What Your Credit Score Can Tell You About Identity Theft Mogo
Are you worried that your identity will be stolen? Your credit score is a quick and helpful measure that can help identify fraud. Find out more here!
Worried that your identity may be stolen or that someone is committing identity fraud using your name? You’re not alone! It’s a scary prospect and it’s not always easy to know for sure that your identity is safe.
But keeping an eye on your credit score can be a great way to help you recognize the early signs of identity theft and, in some cases, even fraud. We will tell you how.
What Your Credit Score Can Tell You About Identity Theft
Need a crash course in credit scores? We have what you need. Learn about credit checks and why your score might drop on our blog.
What is Identity Theft?
Identity theft is what it sounds like: a bad guy, through a number of shady tactics, steals information related to your identity. This may include information such as your full name and date of birth, address, or social insurance number.
Thieves can steal this information using tactics such as phishing schemes or malware that steals data or passwords without you realizing it.
Using your sensitive information, they can attempt to take out loans or credit cards, which can leave you trapped. This is called identity theft.
If we are honest with ourselves, it is more responsible to assume that your data is already vulnerable. Think online shopping: the average Canadian may have entered their full name, address, and credit card information on dozens of websites, and the security of these sites may not always be up to par. .
Changing your passwords regularly, not storing credit card data on online shopping portals, and thinking critically about suspicious emails or texts can help keep criminals at bay.
But you shouldn’t let your guard down: Monitoring your credit score and keeping tabs on your credit reports is a second line of defense that can help you stop bad guys in their tracks.
How Identity Theft Affects Your Finances
Identity theft often precedes identity fraud. After stealing your identity information, criminals can use (or sell) that stolen information to take out loans, credit cards or other financial products that will be attached to your name.
Identity theft can have serious consequences for your finances.
Bad guys don’t tend to repay loans they’ve fraudulently taken out using someone else’s identity, which means you could end up with thousands of dollars. Tackling debts or fraudulent charges can take months, and your credit score can plummet in the meantime.
There’s a ripple effect here: Identity theft can lead to identity fraud, which can hurt your credit rating and affect your own ability to get a loan or credit for yourself. . For people considering buying a home, for example, a damaged credit score from identity fraud could mean the difference between approval or rejection.
See? Identity theft and fraud should not be wasted.
How Credit Ratings Help Detect Identity Fraud
There is no foolproof way to protect yourself against identity theft and identity fraud, but there are ways to monitor your credit to help prevent theft. Your identity information could be stolen from anywhere, at any time, by any person. But if that person then applies for a credit card or loan in Canada using your identity information, there will be a record of it in your credit report.
You have different credit scores and credit history records at Canada’s two credit bureaus, Equifax and TransUnion. This is because many businesses and lenders have a preferred office, and not all of them report or conduct credit investigations to both.
But both credit bureaus will show evidence of serious investigations against your file.
In order to get a new credit card, loan, or mortgage, lenders will usually do a “full investigation” of your credit report. This is why it is so important to request a free credit report every year from both bureaus. Go through your credit reports article by article and confirm that all information is correct, and verify that all inquiries are supposed to be there. If you spot evidence of a serious investigation that you didn’t initiate, call the credit bureau immediately – it could be evidence of identity theft or fraud.
A lot of people don’t know this, but serious inquiries can actually hurt your credit score. So, if you notice a drop in your credit score, it could be the result of a serious and fraudulent investigation. It could also just be an increase in credit usage or a missed payment, but hopefully otherwise you should educate yourself to make sure the decrease is not the result of a fraudulent investigation.
Outmoded? It’s cool, we understand. It’s not super fun or sexy to be friends with the credit bureaus. But we have something that can help you.
Help protect your finances and identify yourself with Mogo
At Mogo, we hate scammers. So we decided to help fight identity fraud by offering both credit rating monitoring and identity fraud protection for free to every member who has a Mogo Visa * Platinum prepaid card ( which is also free, lol).1
We cannot prevent identity theft from happening. But to help nip any subsequent identity fraud in the bud, we monitor your Equifax credit bureau daily for inquiries, and our credit score tracker lets you see and track your credit score.
We report your credit score monthly, and our monitoring only uses “soft surveys”, so it doesn’t hurt your score.
If we find a serious request on your credit report, we’ll send you a push notification immediately and walk you through the important next steps you can take to help stop criminals in their tracks and prevent identity fraud on you. to arrive.
We hate to see it, but criminals are getting more savvy and creative with each passing day. And unfortunately, there isn’t a great tech yet that can guarantee protection against identity theft in the first place (@ Elon ?? can someone please do that). The next best thing? Monitor your credit score, for free, with Mogo. Sign up today and get that sweet, sweet peace of mind. Together, we can help you protect your identity and your finances.2
This blog is provided for informational purposes only.
* Trademark of Visa International Service Association and used under license by Peoples Trust Company. The Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company under license from Visa Int. and is subject to terms and conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoCard means the Mogo Visa Platinum prepaid card.
1-The free credit score is provided by Equifax and is only available to MogoAccount holders who have passed identity verification. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to assess your creditworthiness. The provision of this score is intended for your own educational use. Third parties will consider other information in addition to a credit score when assessing your creditworthiness. Equifax® is a registered trademark of Equifax Canada Co., used here under license. No one can prevent all identity fraud and Mogo does not monitor all transactions in all businesses. At this time, Mogo only monitors serious inquiries with the Equifax® Canada Co. credit bureau and will provide push and / or email notifications within 24 hours of reporting the request. See the general conditions of MogoAccount for more information https://www.mogo.ca/terms-and-conditions. If you do not fund your card within 60 days of ordering or if you do not make a transaction on your MogoCard for more than 90 days, you will not be considered “active” and you will be excluded from MogoProtect and the credit score.
2-To request a Mogo product, you must open a Mogo account and pass the identity verification. MogoAccount is currently only available to individuals in Canada (except Quebec). MogoProtect identity fraud protection and credit rating monitoring are available free of charge to all eligible MogoMember members for 90 days from initial MogoAccount registration.
Mogo inc. published this content on September 24, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 24, 2021 06:41:09 PM UTC.