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An identity thief doesn’t just steal your credit cards and personal information to start making frantic purchases in your name. He gets new cards, opens new loans, and leaves a long trail of unpaid bills in your name. He even uses your identity to commit terrorism or other crimes. What do you want to do?
Identity theft happens more often than you’d like to believe — and it’s often perpetrated by someone you know. That’s what happened to Linda Foley, a magazine writer who learned that her employer had swiped her identity to open cell phone and credit card accounts. Now Foley, along with her husband, fights back as co-executive director of the Identity Theft Resource Center (ITRC) in San Diego, California.
Could this happen to you?
When Bridget J. Thomas was shocked when she learned that her identity had been stolen by a bank employee 300 miles away from the branch she used. And that was just the beginning of his nightmare! She was working in another bank in another state when the thief was caught. Following her arrest, collection agencies continued to pursue Ms. Thomas.
Setting the record straight couldn’t be easier – or quicker!
Setting the record straight is just the tip of the iceberg of a nightmare that can take months – even years – to complete, often with undue pain and suffering for the victim. In severe cases, victims spend an average of 600 hours and $1,400 out of pocket to repair their credit. Until they prove their innocence, they are more likely to:
• Higher rates for insurance and charged for credit cards,
• Denied for student loan or home mortgage,
• Arrested for crimes they didn’t commit.
• unable to get or keep a job,
A call from a collection agency or a turndown for a debt is often the only tip-off that your identity was stolen.
A thief only needs one thing to open your door to your earnings – your Social Security number. Unfortunately it is routinely used by government agencies, health care providers, utility companies, merchants, employers, and financial institutions. Often, your Social Security number is publicly available. Similarly, former Chairman of the Joint Chiefs of Staff General John M. Shalikashvili became a victim. His Social Security number and that of several other military officers were published in the “Congressional Record” and later posted on the Internet. The thieves used their identities to open 273 new credit card accounts and billed over $200,000.00 in charges.
develop a form of defense
To stop identity thieves in their tracks, there are several things you can do. You can start by freezing access to your credit file. By doing so, you make your file off limits to anyone who does not know the secret PIN (Personal Information Number) you have chosen. It provides speed to protect you from the bad guys – anyone who tries to apply for credit in your name. This causes his application to be rejected; However your credit cards will not be affected. And if you want to apply for new credit or let a bank, store, or agency run a background check on you, you can get a credit thaw. For example, if you’ve decided to shop for a big-ticket item like a car, you can look for auto dealers to understand your history.
Other Things You Can Do – Start Now!
• Check your credit report periodically for suspicious activity. Americans are now entitled to one free annual credit report from each of the three bureaus: Experian, Equifax and TransUnion.
• If you choose to shop online, use a credit card instead of a debit card. With a credit card, you have the added protection of a maximum liability of $50.00 for unauthorized purchases.
• Learn more about “phishing” email scams, and other schemes, scams, and cons to separate you from your identity and your money. For more information about these scams and the resources at your disposal, visit http://www.ProtectingYourIdentity.blogspot.com/
In the event you become a victim
Here are some steps to take:
• Act fast and prepare yourself for an uphill battle with uncooperative and uncooperative credit card and law enforcement agencies. For guidance and support, I recommend that you turn to organizations and agencies such as the ITRC (www.identitytheftcenter.org), the Federal Trade Commission (www.FTC.gov), and others.
• Call the fraud department. Sign up with one of the three credit bureaus, Experian, Equifax and TransUnion, and request that a fraud alert be placed on your credit report. (The other two credit bureaus will be automatically notified.) The alert lasts 90 days and requires you to call before creditors can open new accounts in your name; However, a word of caution is in order here. There is no legal requirement to honor the alerts and traders who are willing to sell can ignore them.
• Close your credit card accounts and change passwords for all your financial and banking accounts.
• File a police report. Although credit bureaus will not issue a fraud alert without this, be aware that local police departments may be reluctant to report. Many may lack the resources to properly investigate a crime.
• Mail copies of the police report to all three credit bureaus along with a cover letter demanding your complete credit file.
• Call every credit where you know a fake account has been created and ask them to close your file immediately. Ask for copies of all fraudulent applications for credit and billing statements. Creditors may not want to reveal that information, but they will if you attach a copy of a police report and forward your request to it in writing via certified mail.
conclusion:
Face it, identity theft is a growing problem affecting everyone in one way or another. With the increasing popularity of internet usage, it has become easier for cyber criminals to steal our identities. In 2002 alone, the total number of victims of identity theft reached 10 million, a new high. According to The Identity Theft Survey report, available on the Federal Trade Commission’s website (www.consumer.gov/idtheft/), the cost to the economy rose an astonishing 41 percent to $52.6 billion. These totals have been climbing every year and show no clear signs of slowing down.
What are your chances of becoming a victim of some kind of identity theft? One in ten according to the Federal Trade Commission.
“So what am I to do?” you ask. My recommendation is to first educate yourself with the information and resources at your disposal. Next, buy identity theft insurance. get more information http://www.ProtectingYourIdentity.blogspot.com
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