If an ID thief has opened accounts in your name, they are most likely to appear on your credit report. There are three major credit reporting agencies; Equifax, TransUnion, and Experian.

New legislation allows you to obtain your credit report annually from all three of these agencies for free. This new program is being phased in gradually across U.S.. Check www.annualcreditreport.com to see when your state becomes active in this program.

3) Use credit monitoring services. A variety of paid services are available that will monitor your credit reports for activity and alert you to any changes. As with any product or service, make sure you understand what you're getting before you buy. You can enjoy a free 30-day trial of CreditCheck® monitoring service and get a free copy of your Experian credit report by visiting http://www.yourfreecreditreportnow.com. This monitoring service checks your credit report daily to notify you about fraudulent activity, new inquiries, new accounts, late payments, and more so you can spot possible signs of identity theft. After free 30-day trial, you will be billed $9.95 monthly unless you cancel service.

If you become a victim of ID theft, your opportunity for loans, jobs, or even housing could be affected. Taking immediate action after being victimized can minimize damage.

Here are some other helpful identity theft related sites:

www.consumer.gov/idtheft/ (US government ID theft website) www.privacyrights.org/identity.htm (ID theft resources) www.identitytheft.org/ (ID theft prevention and survival)

Unsecured loans are opposite. They require no collateral. As mentioned previously, credit cards are a form unsecured loans. Many banks offer small signature loans. These are usually loans of between $500 and $3,000. Most unsecured debt comes in smaller amounts. This is because if you stop making payments, lender loses what you have been lent. They can turn you over to collections, and can call demanding payment, but, ultimately, if you have no money and cannot pay, lender loses out. However, cost to you is also great. Your credit is effectively destroyed, making it next to impossible for you to get a mortgage in future. It can even hamper your chances of receiving approval for an auto loan or a credit card.

Any loans you take out, whether they are secured or unsecured, are reflected in your credit report. It is important to establish a pattern of responsibility fulfilling your obligations in full, and in a timely manner.

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