There will come a day when, like the installation of anti virus software, you will have something that guards you and your computer from identity theft. Until then, you should use your common sense and stay alert. Your best identity guard theft is your own alertness!

Most identity thefts occur when the hackers send you a link that opens a cloned website that looks identical to that of your bank or email id provider, and asks you to fill in personal information for verification/ upgrading/ re-registration and so on. You need to make it a rule to NEVER give any personal information, especially passwords or ATM / debit or credit card numbers to anyone over the Internet or the telephone. While shopping online, ensure that the site is encrypted and marked so by Verisign – there will be a tiny yellow lock in the lower right hand corner of the page.

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A majority of the people who were listed in her email contacts were sent a letter in her name saying that she was stuck in London (she is a PhD from London) and she needed about $2,000 to pay her hotel bills. Most of her close friends, who knew her whereabouts, realized that this email was a fake. However, there will be a good number of these people who will want to send her the money so she will be bailed out from her troubles. She will then be responsible for the repayment.

Beware of any such emails that ask you personal information or your user id and password.  You might be the next victim.

They feel that they do “work” since hacking is indeed hard work – and justify their stealing saying that they generally “take money” only from super rich people who will not miss it. They usually latch themselves to a good account and then siphon very gradually a constant source of income. Unless you realize you are swindled and take appropriate steps to stop id theft, you can end up as a host for these parasites for years on end.

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1. You are finding small but recurring charges to your account that you cannot explain. Most people attribute these mystery charges to various bank fees. However, this is a sure sign that your account has been compromised and someone is drawing funds from your account on a regular basis.

2. Urgent sounding email messages or phone calls that inform you that your bank account or credit card account has been compromised and in order to stop the fraud they needed your name, date of birth and/or password. Never provide your user id, personal information and/or password; ask for details of the bank or credit card provider and inform them you will provide the information in person.

1. They all offer you pat solutions to your problems. All scams work on the desperation of their clients. They hook them by promising the impossible; and in their extreme anxiety the hapless clients are too relieved to see anything amiss.

2. They all ask for payment upfront – 9 out 10 credit repair scams are characterized by the charging of upfront fee. The fraudulent companies are too worried that they will be discovered, and therefore need their fees in advance.

3. They do not respect the law. All credit repair scams have no respect for the law. They do not think twice when offering solution that bend or even break the law.

Myth No 1 – credit repair companies thrive on your misfortune. Wrong! They actually provide vital help at a time when you are about to lose everything – your possessions, your peace of mind, and your reputation.

Myth No 2 – all credit repair agencies are fraudulent; they’re only after your money. Wrong! Reputable agencies make clients for life. They become friends, philosophers and guides to their clients, teaching them the art of financial management. They show you the light, when you are lost in financial darkness.

Myth no 3 – credit repair agencies can work miracles if you pay them enough. Wrong again! Trustworthy agencies will tell you right from the start what can be done and how long it will take. They will use only legal means, which are in no way “magic.”

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The most popular among such scams are those that promise to increase your credit score overnight. The sad thing is that they often deliver on this promise, but with illegal means; it will take you about 3-6 months to realize that this was done illegally and thereby compounded your troubles.

Be very careful whom you use when you need to increase your credit score. Always follow the legal way. That is the best and safest for you, even when it takes a little longer.

For the FREE Report “The Danger Signs to look for in a Credit Repair company” sign up for the ECRA Newsletter (Right Hand side of this Page)

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Some people expect near miracles when they hire a credit repair agency. Unrealistic expectations are never a good thing. Moreover, a credit repair company that makes too-good-to-be-true promises is one you will want to steer clear of. But as for the company, a client who comes to them with unrealistic expectations is likely to end up being a dissatisfied client, regardless of how hard the company works on his behalf.

Just what CAN a credit repair company do to solve you financial problems?

• Check your credit report from each of the major credit bureaus, for information that is to be inaccurate
• Initiated a credit report dispute when inaccuracies are discovered
• Following up until all errors are removed from the report
• Advise the client on the best course of action that will result in the quickest possible improvement in your credit score
• Counsel you regarding the best ways to manage your finances so as to avoid future problems
• Facilitating avenues that will enable you to earn your livelihood again
• Watch your credit report closely to prevent any errors that could erode your credit rating
• Teach you how to maintain a good credit to income ratio

What  you should NOT expect from a credit specialist.

• Settle a credit report dispute in a very brief time – expect it to take at least 60 days
• Repair credit reports by tomorrow – it will take a minimum of 6 months
• Eliminate bad debts – that takes up to 6 months as well
• Change factual information in your report – it will remove those negative accounts that cannot be verified
• Wipe off a history of bankruptcy
• Improve your credit report overnight – this is a gradual process that requires at least 3 – 6 months

Be alert to scams
It is true that there are plenty of unscrupulous people out there who are all to eager to take advantage of the  gullibility of desperate people to pad their own pockets.

Watch for these 3 warning signs that should tell you that a credit repair company is fraudulent:

• The company insists that you pay in full before rendering any services
• It promises you unbelievably quick results
• It utilizes illegitimate tactics in fixing your credit

If you find a credit repair company like this, run the other way! Remember, a bad debt or even a bankruptcy is not forever. But going against the law to fix your credit can spell disaster for you.

Never be tempted into accepting such “help” because these organizations are fraudulent and will lead you into desperation.