Identity thieves often work behind the scenes. They look for easy ways to obtain certain key information about you, including your name, address, date of birth, Social Security Number, and bank account and credit card numbers. You might be amazed at their determination and ingenuity. They will go through your trash, eavesdrop on your telephone conversations, even try to observe your ATM transactions. Then they use this information to pose as you to take out fraudulent loans, obtain credit cards, and commit other criminal acts.
2.) What are the effects of identity theft?
The impact of identity theft can be far-reaching and long-lasting. Victims of identity theft can spend countless hours contacting creditors and other companies to erase fraudulent information in their credit files. However, even after the crime has been discovered and reported, identity thieves can construct such a tangled web of lies and deceit that it may take a victim years to completely wipe out all traces of the fraud.
Due diligence is the key to stopping identity thieves. Be especially careful with your Social Security Number. Shred personal papers before discarding them in the trash. Keep track of your monthly bills. If a credit card statement does not arrive within one week of your statement closing date, contact the issuer immediately to verify your mailing address. Know what is in your credit file, and check it often.
4.) What do I do if I become a victim?
According to the U.S. Attorney General's office, the Secret Service oversees identity theft, and this office advises you to:
. Report the crime to the police immediately. Get a copy of your police report or your case number. Credit card companies, your bank, and the insurance company may ask you to reference the report to verify the crime.
. Immediately contact your credit card issuers. Get replacement cards with new account numbers and ask that the old account be processed as "account closed at consumer's request" for credit record purposes. You should also follow up this telephone conversation with a letter to the credit card company that summarizes your request in writing.
. Call the fraud units of the three credit reporting bureaus and ask that your accounts be flagged. Also, add a victim's statement to your report that requests that they contact you to verify future credit applications:
Keep a log of all conversations with authorities and financial entities. And follow-up! Make sure that all creditors or credit bureaus have received what they need from you.
Review your reports regularly and make sure all changes you requested have been effected.
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5.) What is in my credit file?
Your credit report details your personal information, including your name, address, date of birth, and Social Security number. It may also include your previous addresses, the names of your current and past employers, and information on public records such as bankruptcies, liens, or judgments. Your credit report also details your credit card, mortgage, and loan repayment history.
6.) Why do you use three credit reporting agencies?
The businesses that supply information to the three major agencies (Experian, Equifax, and TransUnion) may report to one, two, or all three depending on their internal policies. Also, because the agencies operate independently of one another, any updates must be made individually. Failure to do so can result in discrepancies in a person's credit report from one agency to another.
7.) Why is it important to monitor my credit file?
Monitoring your credit file is one of the most reliable ways to uncover identity theft before things get out of hand. Also, because honest errors can happen, it is a good idea to audit your credit report regularly and verify its accuracy. This can save you time and delays when you apply for a credit card, loan, or a mortgage.
8.) How can I tell if someone has stolen my identity?
There are a number of events that might be considered "suspicious" and are worth investigating, including the following:
A report of a new address-Identity thieves often change the address on a victim's accounts so that the bills do not reveal the scam.
Excessive inquiries-An "inquiry" indicates that someone or some company reviewed your credit file. Typically this is done after the business receives a request for credit. Excessive inquiries may be an indication that someone is attempting to open several fraudulent accounts in your name.
