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I know, this couldn't happen to you…
Or should I ask: has this already happened to you?
- I am talking about your identity: stolen.
- I'm talking about your credit rating: ruined, and
- I'm talking about your life: turned upside down.
- All due to one the fasted growing crimes in America: Identity Theft!
Let’s take a closer look at just what identify theft is and how it happens. The following situation constitutes identity theft: a thieve steals personal information (such as social security number, name, date of birth, personal identification number) and uses this information to (fraudulently) obtain loans, credit, access to money, goods and/or services in the victim’s name.
Days and often weeks later, the victim finds out that his or her identify was stolen when receiving a credit card statement from an institution they don’t know, or even worse when denied credit. Who is affected by identity theft? Unfortunately, all of us are! No one is 100% safe from this crime.
Amongst the methods thieves use to steal your identity are:
- Stealing your purse, briefcase or wallet (and all the information is right there!)
- Going through garbage: looking for bank and credit card statements, documents containing your social security number, credit card offers with your name, cancelled checks, etc.
- Raiding your mailbox: stealing your mail (credit card and bank statements, checks, etc)
- Online scams such as phishing: emails from, for example financial institutions, asking you to verify your personal account information so that your account may remain open!
- Phone scams: callers posing as merchants, bankers, etc asking you to verify personal information or give your credit card number.
- And the list goes on!
Next, let’s examine what you can do to protect yourself. At this point you are probably asking yourself: “How can I protect myself? What can I do?” Even though we are all affected, it does not mean that we must be totally helpless.
First and foremost you MUST take steps to protect your personal information including:
- Shredding any and all personal information to be thrown out. This includes pre approved credit card applications, any financial documents, credit card receipts, etc. My rule: when in doubt, shred it!
- Guard your mail. Be aware of what you put into your mail box and what comes (or does not come) in your mailbox. You may want to have a locked mailbox or a mailbox away from your home. At minimum, be aware of what mail you are expecting. If you don’t receive your regular mail, don’t wait, investigate immediately.
- Protect you information online. NEVER respond to emails asking you to verify any personal information. When in doubt, pick up the phone and verify the request.
- NEVER give out any personal information over the phone, never give in to requests to verify personal information.
- Only do business/use your credit card online with secure sites. Look for the VeriSign or security lock at the bottom of your browser page.
- Opt out to decrease the amount of offers and solicitation you receive (with your name and information on them).
- Be aware of ATM scams. Check bank and credit card accounts for accuracy.
- Keep a list of account and phone numbers: credit card companies, banks, etc. to cancel accounts should the need arise.
- Know your credit report and check it regularly. You are entitled to one report per year, which does not count as a credit inquiry and hence does not count against you.
- Use Your Common Sense!
Finally, let’s see what you can do if you have fallen victim to a scam or theft. Stay calm, take a deep breath and go to work. Overall, you want to respond quickly and not waste any time!
- At once close any accounts that have been affected (credit card, banks, newly opened accounts in your name, etc.).
- Do not reuse old PINs.
- Contact the fraud department of one of the credit bureaus and attach a fraud alert to your credit file. The intention is for you to be notified if there is any activity with your credit. You should also receive a copy of your credit report from the credit bureaus.
- File a police report. Make sure you get the report number.
- Keep a close eye on your credit report. Correct any information that is not correct.
- Cancel, where possible, old and obtain new identification: drivers license, social security number, insurance cards, library cards, etc.
- File a complaint with the Federal Trade Commission (www.ftc.gov).
- Complete a fraud affidavit and send it to all your creditors (see the FTC website for details).
- Keep excellent records of all your correspondence with creditors and agencies regarding your situation: document, document and document.
Once identity theft has occurred, on average, victims spend over $1,500 and countless hours clearing his or her name. A handful of companies offer an identity theft program. One of them, PrePaidLegal, offers the Identity Theft Shield program, where membership includes regular credit report monitoring, credit report evaluation and identity restoration. To find out more you can go to: www. prepaidlegal.com/hub/hofmannjm.
Additional information regarding issues of identity theft can be found on the following sites:
To contact the credit bureau services go to:
©2005 Johanna Hofmann
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