Information You Want On Identity Theft

Written by Jeff Gilbert

What is Identity Theft

Identity theft is the unauthorized use of your personal identifying information, such as your name, address, Social Security number, or credit card number to commit fraud or other crimes.

Why You Should Care

1. A thief will use the stolen personal information to obtain credit, rent an apartment, or commit other crimes. Their purpose is to run up charges in your name and then walk away leaving you to deal with the mess and a ruined credit record.

2. Today in America, a person%u2019s credit score, which is largely determined by their payment history on bills in their name, determines everything from the pricing they receive on mortgages, car loans, and other credit to the price they pay for car insurance. In more and more cases, a credit score is even be used to determine employability. A low credit score results in higher cost for these types of services and lost employment opportunities.

3. Identity theft is one of the fastest growing crimes today. In fact, estimates are that nearly 10 million Americans have their identities stolen each year.

Consequences

A lucky few identity theft victims, usually those that proactively monitor their credit reports, can fix their problems quickly and easily. Unfortunately, most victims are forced to spend hundreds of dollars and spend many days, weeks, months, and even years repairing their credit record and restoring their good name. In rare cases, victims could be arrested for crimes they did not commit. The personal and financial toll can be great.

How Do Thieves Steal an Identity

Identity thieves use a number of methods to steal your information including, but not limited to:

1. Dumpster Diving. They rummage through trash (including dumpsters and personal garbage cans put out to the curb) looking for bills or other paper with your personal information on it.
2. Skimming. They steal credit/debit card numbers by using a special storage device when processing your card.
3. Phishing. They pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information.
4. Changing Your Address. They divert your billing statements to another location by completing a change of address form.
5. Old-Fashioned Stealing. They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information. They steal personnel records, or bribe employees who have access.
6. Pretexting. They use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources.

How Can You Find Out If Your Identity Was Stolen?

The best way to find out is to monitor your accounts and bank statements each month, and check your credit report on a regular basis. Credit Reporting Agencies are now required to provide a free copy of your personal report every 12 months. One recommendation is to request a free copy of your credit report from each of the three main agencies over the span of 12 months. For example, you request a copy from Agency A in January, from Agency B in May, and one from Agency C in September and then start the process over again in January of the next year. By reviewing your credit reports over time like this, you can look for unauthorized changes and fraudulent activity, accounts, etc. Remember though, that the report is free only once every 12 months so be sure that the request from Agency A is as close to but exceeds 12 months from the date of your last request. The same goes for Agency B and Agency C.

What Should You Do If Your Identity is Stolen?

If you find something in one of the reports, contact the agency immediately. If you check your credit report regularly, you may be able to limit the damage caused by identity theft.

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