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I got a phone call the other day trying to sell me something. I almost never buy anything pitched to me over the phone, but this time I did. It was one of my credit card companies, selling a new service, in which they keep an eye on my credit reports every day, and if something happens, like somebody buys a house, or opens a new bank account—or does any of the things that are usually done with stolen credit info by identity thieves—they will notify me immediately.
This sounds like a really good approach. This could keep damage from identity theft to a minimum, and in many cases might permit you to alert the people involved soon enough to prevent damage to your credit.
