According to a report from the Javelin Strategy and Research firm, the top spots for security measures to prevent identity theft go to three banks: Bank of America, Washington Mutual and JP Morgan Chase.

Banks were rated for online account security, including the use of multiple passwords and authentication methods.

You can read about it here in an article at Consumer Affairs dot com. The article warns that even though these banks got high ratings, they have all suffered security breaches in recent years.

A credit report records all of your credit activities such as loans, mortgages, and credit card accounts. It keeps track of your balances and payment history. This information is gathered by a Credit Reporting Agency (CRA) and can be requested by prospective creditors when you apply for credit. Be aware that prospective employers and landlords may also request credit information.

The credit report will contain personal information such as your name, date of birth, social security number, your employer(s)and your current and past addresses. It will list all your credit accounts and your payment history over the past two years. Other information such as court records of judgements and liens against you and bankruptcy filings will also show. Additionally it will list the names of anyone who has requested your credit report in the last year.

Most credit information will remain on your credit report for seven years but a personal bankruptcy will show on your report for 10 years.

It is a good idea to know what information is on your credit report. By law you are entitled to receive one free copy of your credit report every 12 months from each of the three main credit reporting agencies:

Equifax

Experian

Trans Union

The internet still poses significant risks for the consumer in 2006, with the number of fraudulent sites increasing. Internet “phishing” incidents cost consumers $630 million according to Consumer Reports.

Spyware was even more costly at $2.6 billion, causing replacement of computers in nearly one million homes. Viruses were the most expensive internet hazard. 1 in 4 internet users had some incident involving a virus and the total cost was $5.2 billion.

See the full report at State of the Net 2006

Wednesday August 9, 2006 The FTC (Federal Trade Commission) and the Federal Reserve Board issued a joint report to Congress on compliance with the consumer dispute provisions of the Fair Credit Reporting Act.

According to a study conducted by the FTC and the Board, although consumer disputes are being processed within the statutory timeframe, there is some disagreement regarding the adequacy of the investigations performed by the Credit Reporting Agencies and the furnishers of information.

No action is being taken at this time as a result of the report but the FTC and the Board will continue to monitor the dispute process, possibly making recommendations for future action if appropriate.