San Diego, CA. American businesses are linking future business success to the continued growth of consumer credit. More emphasis is on credit scoring-used to price credit for both prime and sub-prime borrowers, and the abundant increases in credit lines are often linked to homeowner's equity.

There are unintended consequences to increased credit use; chief among them is the dramatic and stunningly persistent growth of credit fraud and identity theft. And despite consumers being entitled to free credit reports annually, their credit file errors remain high and credit repair scams abound.

For the seventh year in a row, identity theft ranked first in fraud complaints consumers filed with the Federal Trade Commission (FTC). Identity theft accounts for 36% of the 674,374 complaints received in 2006. Credit card fraud was the most common form of reported identity theft.

A recent Gartner Inc. study found that 15 million people were victimized by some kind of fraud related to identity theft during a year-long period and also found that direct financial loss due to identity theft fraud more than doubled from 2005 to 2006. Correspondingly, both the average loss on new account fraud and the amount of unauthorized charges to credit cards increased during the year.

Other results show the rapidly growing need for professionals to learn about credit reports and the laws that govern them. They also need to learn risk management techniques and how to protect customers, clients and consumers against the predations of credit and identity thieves.
An entirely new growth industry has arisen in training financial, legal, privacy and other professionals who can help consumers and businesses, and work more closely with law enforcement.

One element missing until recently is a standardized credential in identity theft risk management and credit reporting/reviewing that can be recognized and relied upon by consumers, businesses and even law enforcement professionals. The Institute of Consumer Financial Education (ICFE) has bridged that gap with its two certifications.

The ICFE's courses, accepted for CE credits with many major organizations, on credit reports and reviews, plus identity theft risk management, guide students in exploring the complexity of these issues and how they can negatively impact and harm consumers.

Getting the ICFE Certified Credit Report Reviewer (CCRR) and/or the Certified Identity Theft Risk Management Specialist (CITRMS) credentials are now becoming essential for all credit, debt, privacy specialists, financial and insurance counselors who are working with the public because it gives consumers peace of mind their advisor is up to date on these important issues.

The nonprofit ICFE has examined and issued credentials to over 5,000 individuals, including privacy consultants, law enforcement, military counselors, lawyers, paralegals, financial planners and credit counselors, real estate agents and mortgage brokers since 2005.

The Institute of Consumer Financial Education (ICFE), founded in 1982 by the late Loren Dunton (creator of the "certified financial planner" (CFP) designation) and it is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. The ICFE trains and certifies Personal Finance Instructors for its own curriculum. It also trains and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.

The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and resources. It publishes the Do-It-Yourself Credit File correction Guide, now in its 16th printing and has distributed over one million "Credit/Debit Card Warning Labels" and "Credit/Debit Card Sleeves" world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.

The ICFE is also a partner in the national Jump$tart Coalition for Financial Literacy and the California Jump$tart chapter. The ICFE staff is also active with San Diego Saves, an offshoot of America Saves, and the California Student Debt Resource Awareness Project (CASDRAP).

The ICFE's on-line help for consumers who spend too much was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from "The Money Instruction Book," a course in personal finance, positioned to become among the premier programs in the new bankruptcy and debtor education initiatives.

The ICFE Web site helps consumers with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and videos and how to teach children about money.

Other ICFE services include a free eNewsletter, and an online resource center of financial education learning tools, including videos, books, software and personal finance courses.