Hard to believe but true! Through a big problem the credit bureaus have created and are well aware of known as “Synthetic Identity Theft”. What is Synthetic ID Theft: The information from two credit files, belonging to two separate individuals, somehow become merged.
In instances where two consumers have similar names, SSN’s, addresses, or DOB’s- synthetic ID theft is a highly probably occurrence. Research data indicates that 64% of the merged files came from strangers while 36% came from a relative or former spouse.
A big part of the reason synthetic ID theft is possible stems from a major issue with the credit bureaus quick approval process for credit applications. The bureaus love reminding us that Identity Theft is one of the fastest growing crimes in the US today, and offer the suggestion that we should sign up for credit monitoring which is ultimately run by guess who? Yup, the bureaus!
The above information was provided by Credit 360 Consulting. For more helpful information and how to improve your credit, click on Credit 360 Consulting.