What Can Happen to You as a Victim of Identity Theft, Facts & Figures
By Cathy Taylor
Is identity theft really that
serious? Thousands of people every year are victims of this terrible crime.
Thieves use your personal information to commit fraud or other crimes in your
name and can cause significant credit damage. Identifying information taken
without your permission, such as your Social Security number (SSN), credit card
number, or your drivers' license, can be used to "steal your identity."
The effects of identity theft
are much greater than most people suspect. Victims can spend years trying to
re-establish their credit and their good names. The cost of this process, both
financially and emotionally, is often quite high. But there are options (see
below).
Identity theft is a serious
crime. The Federal Trade Commission reports identity theft as its number one
source of complaints by consumers. The average victim pays more than $1,000
repairing the damage and loses an average of $6,767. A recent study by CBS News
claims that a thief steals someone's identity "every 79 seconds."2 An
estimated 750,000 people are victimized each year.3
How can you tell if you are a
victim of identity theft? There are some clues. First, it's important to always
monitor the balances on your checking, savings, or other financial accounts.
Keep an eye out for unexplained charges or withdrawals made without your
permission. Carefully reading your monthly bank and credit card statements, then
checking the amounts against your check register or other record-keeping method
could catch a thief in the act of assuming your identity and spending your
hard-earned money.
Identity thieves may change
the address on one or more of your bills, so make sure you know when you usually
receive specific notices. For instance, if you receive your credit card
statement at the beginning of the month and it doesn't arrive in the mail, this
could signal an address change by an identity thief. Another clue that comes in
the mail is a credit card for which you didn't apply or a statement for a credit
card that you have never used. Someone may have used your information to apply
for a line of credit.
Also take note if you are
getting phone calls from debt collection agencies, credit departments, or other
companies regarding merchandise or services that you did not purchase. Someone
may be acquiring goods and services in your name.
And finally, when applying for
a line of credit, be aware of your credit standing. If you know you have a good
credit rating and get turned down by a credit card company, this is a red flag
that someone else may be sullying your rating. Even if you don't know your
credit score, always ask why you were declined and verify the reason against
your credit report.
Once your identity has been
stolen and your credit has been damaged, the long process of regaining your name
and good standing could cost you more than inconvenience. Victims are unable to
qualify for loans, to purchase houses and cars, and to pay for higher education.
They may be refused job opportunities and even be arrested for crimes committed
by the identity thief.
In the meantime, the criminal
with your personal information may:
•
Go on a shopping spree with your credit or
debit card account numbers. Thieves may also create counterfeit debit cards or
checks. Merchandise can be sold and the criminals walk away with cash.
•
Open credit or checking accounts in your
name with your SSN and date of birth. As the bills pile up, your credit report
reflects the delinquent account.
•
Have your credit card statements sent to a
phony address. Without the bills as a reference, it may take you a while to
realize your account is being used.
•
Take out loans in your name for big
purchases, such as a new car.
•
Set up telephone or internet service in
your name.
•
Avoid the responsibilities of debt or an
impending eviction by filing bankruptcy using your SSN.
•
Give your name to police when being
arrested. If the criminal is released on bond but fails to appear for the court
date, police may issue an arrest warrant for you.
•
If you have need to contact the three main
credit bureaus, go to
www.apscreen.com to find out more.
Protecting yourself against
identity theft takes a little extra time, but in comparison to the time, effort,
and money it takes to reclaim your name once it has been stolen, the vigilance
is well worth it. About the Author Cathy Taylor is a marketing consultant with over 25 years experience.
She specializes in internet marketing, strategy and plan development,
as well as management of communications and public relations programs
for small business sectors. She can be reached at Creative Communications:
creative-com@cox.net or by visiting www.apscreen.com
Article Source: http://www.simplysearch4it.com/article/30546.html
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