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February 11, 2010

  • Oh No, Not Another Score!, Pt.2
      Lower is better.

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    The ID Score was designed by ID Analytics and has been assisting organizations fight fraud for nearly a decade, however, has received little or no attention. However, knowing their ID Score can help credit cardholders identify if someone else is using their personal information for fraudulent purposes. Unlike the FICO score, the higher the ID Score, the greater risk the individual will find himself at for identity and credit card theft. It's important to note that the ID Score is not a replacement for a credit history or FICO score, but rather, it is designed to complement them by monitoring misuse of an individual's personal information and is used by credit card companies, retailers, and government agencies.

    Unlike a FICO score which is created off the credit cardholder's credit history, the ID Score is derived from a number of statistics which include name, Social Security number, phone number, date of birth, and address. In addition to an individual's personal information, ID Analytics' database also contains billions of transactions and over two million known cases of identity fraud. It is considered to be the largest database of fraud in the nation. There is no direct contact between the consumer and ID Analytics, however, each time an individual applies for or obtains a new wireless phone or credit card, ID Analytics analyzes the information.

    Individuals can access their ID Score twice every 14 days free of charge by visiting myidscore.com. ID score ranges from 1-999; the average score is 300. The higher the score, the greater at risk the individual is for identity and credit card theft. Anyone receiving a score of 600 or above should be concerned and investigate further. A higher score doesn't mean the individual has become a victim of fraud; it is simply a red flag that requires additional attention. It is estimated that only about 5 percent of those individuals who regularly check their ID Score actually have scores above 600.


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