The convenience of applying for an online payday installment loans may put you at risk of identity theft. Identity theft can result in clearing out your bank account, draining your credit cards, opening new accounts under your name or worse using your identity to do crimes.
Basically, there are two types of identity theft happening during online transactions with payday installment loans. One is account takeover. This happens when a thief gains access to your debit or credit cards. Another is payday installment loan application fraud. The thief will use your Social Security Number and other information in order to get a new credit under your name.
Though cases in identity theft may be difficult to prosecute, there are some things you can do to protect yourself from becoming a victim. Here are some suggestions.
1. Check on your credit report from time to time.
It is important that you check your credit report periodically and make sure that all the information contained in it is correct. If you need to correct any information or dispute any entries, you may contact the three national credit reporting agencies:
· Equifax (visit www.annualcreditreport.com or call (877) 322-8228
· Experian (visit www.experian.com or call 1-888-397-3742)
· TransUnion (visit www.transunion.com or call 1-800-680-7289).
You may also get your credit report for free once a year by contacting the Annual Credit Report Request Service online at: www.equifax.com or call 1-800-525-6285.
2. Protect your Social Security number (SSN).
This is your most important personal identification so be sure to guard it safely. If your state uses your SSN as your driver’s license number, it is preferable to request an alternate number. Also, don’t let your SSN be preprinted on your checks or let other merchants write it on your checks. Don’t give it out over the phone unless you are talking to somebody you really trust.
3. Find a Secure Sockets Layer (SSL) or an https on the website when applying with an online lender of payday installment loan.
When applying with payday installment loan online lender, make sure that the website has an address encrypted with Secure Sockets Layer (SSL) or an https. Fortunately, most of the websites of online lenders have these security features to prevent identity theft of their customers and to maintain the confidentiality of their information.
4. Do not expose your personal information to others.
Keep in mind that the more you make your personal information available to others, the more likely you are to be victimized by identity theft. When applying for a payday installment loan online, provide only what is needed and required. You may also help minimize exposure of your personal information by avoiding telephone calls from national telemarketers. You can do this by listing your telephone number with the Federal Trade Commission’s “National Do Not Call Registry” by calling (888) 382-1222 or registering online at www.donotcall.gov.
You may also remove your name from commercial mailing lists (visit www.dmachoice.org), marketing lists prepared by national consumer reporting agencies (call (888) 567-8688 or register online at www.optoutprescreen.com), and from other lists like catalogs, magazines, pre-approved credit offers, flyers, or phone books (visit privacyrights.org)
5. Most important of all, never provide any personal information via the phone, letter, or e-mail unless you initiated the transaction.
Legal online lenders of payday installment loan will only ask for your basic personal information but not about detailed documents and personal numbers. Apply safely and pay responsibly. Remember, prevention is the best cure.