What Is Identity Theft?
Nicole Soltau
One of the prime axioms in life is just when you think it
couldn’t happen to you, it does. This is a sad fact, and even
more so when you consider the crime of identity theft. You take
years to establish your financial and individual identity and
reputation, and in one moment the illegal act of another washes
it all away wreaking havoc on your financial life. The reasons
for identity theft are as varied as the circumstances of the
unsuspecting victims. There are ways to protect yourself. Being
diligent and using common sense can go a long way in preventing
this troublesome event from happening in your life. Following
are some steps to consider:
1. Protecting your information.
Keep your social security card separate from your other
identification, leaving it at home if at all possible. Have a
sheet with all of your credit card numbers and companies listed
and in a safe place, so in the event of theft you can call
quickly to cancel the accounts.
2. Limit preprinted check information
Checks are another potential bonanza for an identity thief.
Even though it may make checking out a little harder, only put
your basic information (name, address, maybe a phone number) on
your checks. This will prevent an ID thief from getting your
drivers license or social security number off a check left
lying around.
3. Properly dispose of sensitive information after it no longer
is needed.
The identity thief is not above digging in a dumpster for
information that can get them something on someone else’s tab.
Credit card and banking statements, applications for credit
cards, phone bills and utility bills all need to be shredded to
prevent anyone from getting your information. Checkbooks need to
be treated the same to get rid of your account numbers on them.
4. Share sensitive information with care
Giving information out over the phone is sometimes required for
security purposes, and some companies that call you might ask
you to verify personal information to make sure that they are
speaking to the right person. If you are unsure of the caller’s
identity, erring on the side of caution is advised. This can
prevent inadvertent sharing of sensitive information with
someone that has misrepresented their intentions or identity.
Ask for a call back number and check it out if you have any
doubts at all.
5. Avoid easily decipherable passwords
When choosing a password for your sensitive accounts try to
avoid any word and or number combinations that can be easily
discovered. Some examples include your mother’s maiden name,
your house number or birth date. If possible, place security
questions, to which only you know the answers on your account.
These steps provide a good first line of defense against
identity theft but, unfortunately, they do not provide a
guarantee. If you follow steps and still become a victim of
identity theft, take action fast.
Important actions if you are the victim of identity theft
The first step is to report it to the authorities. Most
companies have to have a police report or case number before
they can work with you to undo the damage. With the report or
number in hand, you will need to call all of your credit card
issuers and advise them of what has happened so they can flag
your account with a fraud investigation flag. Utilities and
phone companies must be notified as well.
Be mindful that there are three credit reporting agencies that
collect and compile information about your credit history and
habits. You will need to inform at least one of them so that a
fraud alert can be placed on your file. Once the alert is
placed the first agency will inform the other two bureaus to
place alerts as well. You can choose an initial if you merely
suspect identity theft and adopt a wait and watch approach or
an extended alert if you are certain that you have been a
victim of this crime.
You will also need to get a copy of your credit report and
review its accuracy. Give particular attention to recent
activity that does not seem familiar. Write and or call all of
the companies that report information related to your identity
theft. Most credit card companies will only hold their
customers responsible for up to $50 dollars in cases of theft,
and most banks will replace stolen money pending verification.
Identity theft can make securing loans for home ownership or
education impossible. It may even prevent employment with
agencies that require a particular credit score. If you have
been the victim of identity theft it can take weeks or years
and often quite a bit of time and money to undo the damage. It
makes sense that victims often feel angry, overwhelmed and
discouraged. If you are the victim of identity theft it’s very
important to be proactive. When you act quickly you will
minimize the damage and loss by limiting unauthorized access to
your sensitive account information.
Be sure to keep records of all activities and contacts related
to your identity theft. You may also want to make periodic
checks of your credit report and sign up for an account
monitoring service, which immediately alerts you when inquiries
to your credit report occur. Stay alert and keep aware.
About The Author: Nicole Soltau is the President and Founder of
http://CreditUnionRate.com -
The Leading Credit Union Directory
Search, Find Join.
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