Your Credit is a Beautiful Thing - Especially to Identity Thieves

Posted by admin on January 14, 2008

What would you do if you suddenly found that someone else was using your social security number to secure a credit card? Millions of Americans every year must make that decision. Linda Foley, an employee for a magazine in San Diego, received a phone call one day from Citibank, asking her to confirm her new address. As she had not moved to a new address, Foley was shocked to find that her boss had utilized the personal information and social security number on her employment application to obtain several credit cards and a cell phone in Foley’s name. To this day, nearly one decade later, Foley still is being plagued as a victim of identity theft, with her former boss having the opportunity to strike at any time.

Being an identity theft victim plagues you for years

Identity theft is a crime that was almost non-existent 30 years ago. Sadly, last year alone, almost 10 million Americans were hit with the news that they were identity victims. Indeed, it may take months, often years, for the victims to repair their credit and financial standing. According to the Identity Theft Resource Center, an average identity theft victim spends 600 hours and over $1,400 in out-of-pocket expenses in attempts to fix their financial name.

Prevent the dangers of identity theft before they begin

Today it is of utmost importance to understand what is involved in identity theft, and how you can prevent the damage - before it begins. Once an identity thief accesses your social security number and personal information, tapping into your line of credit, tracing your checking account, and depleting you of your money and good standing are not far behind.

• Be careful with your personal information. Prevention is the best identity theft protection. If you receive an email or telephone call from someone that you do not know, never give out your private information. Private information consists of your full name, place of birth, social security number, mother’s maiden name, account numbers and passwords. There are many phishing expeditions that seem to come from the financial institutions, but in reality are from thieves. If you receive an email from your financial institution asking for any private information, contact the company to confirm they did not send the letter, and then inform the FBI fraud unit at www.ic3.gov.

• Obtain reputable anti-spyware for your computer. Do not allow the computer to give away your secrets. Make certain that it is also well protected.

• Check with the major credit bureaus to verify all the lines of credit that are under your name. Make certain that you are indeed the person that requested the card, and that the billing address is your home. Request that they put you on the opt-out list for information sharing. Renew the opt-out when necessary. If you are forgetful or busy, you may want to consider hiring an identity protection service, such as LifeLock, who will automatically ensure your identity is kept safe.

• Frequently check on cards that you do not use. It is a simple process to access your cards online. Check for the address, any unauthorized charges, and last usage. You can also access this information by the telephone. It may take a little time, but it is well worth the effort, as identity thieves love to prey on forgotten credit cards.

• Thieves like your trash. Make certain that you always shred your billing statements and receipts before you dispose of them. Your garbage is a source of gold to the criminal in the know. The information thief may not be the one that uses the information, rather the merchant that sells it. The purchaser can be thousands of miles away, and thus, even small town residents are not immune to the problem.

• Collect your mail as soon as possible. If you are going on vacation, ask a trusted friend to collect it daily for you. Thieves can use your mailbox as a rich source of information. If you hope for a check in the mail, the thief is hoping for a bill. The information on the bill will provide easier money for them than attempting to cash a personal check.

• Use the services of a reputable identity theft protection company. There are several companies today that provide automated identity protection strategies, saving you time and keeping your valuable information from identity thieves. If you are a busy individual, or someone who wants full peace of mind, you may want to consider some of these services, such as LifeLock. Unlike other companies, LifeLock, provide up to a million dollar guarantee on their services. If you value your time, the expenditure is a minimum for a necessary service that is protecting your lifelong financial security.

• Always be aware of those around you. You may be careful to cover all aspects of your transactions, only to miss the man photographing your card with his cell phone.

People who have their identities stolen suffer as lifelong victims, with their financial health and name consistently in jeopardy. Even after you spend the hundreds of hours and thousands of dollars to bring restitution to your name, those same identity thieves still have your personal information - and they could strike at any time.

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