Setting the Record Straight Might Not Be All That Easy - or Quick!
Setting the record straight is the tip of a nightmarish iceberg that can take months - even years to accomplish - often with undue pain and suffering for the victim. In serious cases victims spend an average of 600 hours and $1,400 in out-of-pocket expenses to repair their credit. Until they can prove their innocence, they are more likely to be:
•charged higher rates for insurance and fees for credit cards,
•rejected for student loans or home mortgages,
•arrested for crimes they did not commit.
•unable to get or keep a job,
A Call From A Collection Agency Or A turndown For A Loan Is Often the Only Tip-off That Your Identity Was Stolen.
A thief needs only one thing to open the doors to his windfall - your Social Security number. Unfortunately it is routinely used by government agencies, health care providers, utility companies, merchants, employers, and financial institutions. Often, your Social Security number is publicly available. That's how General John M. Shalikashvili, the former Chairman of the Joint Chiefs of Staff, became a victim. His Social Security number and those of many other military officers were published in the "Congressional Record" and were later posted on the internet. Thieves used their identities to open 273 new credit cards accounts and run up a bill of over $200,000.00 in charges.
Develop a Form of Defense ASAP
To stop identity thieves in their steps, there are several things you can do. You can begin by freezing access to your credit file. By doing so, you cause your file to become off-limits to anyone who does not know the secret PIN (Personal Information Number) of your choosing. This sets the wheels in motion to protect you from the bad guys - anyone who attempts to apply for credit in your name. It causes their application to be rejected; although your credit cards won't be affected. And if you want to apply for new credit or let a bank, store, or agency run a background check on you, you can get a credit thaw. For example, if you decided to shop for a big-ticket item, like a car, you might thaw your history for auto dealers.
Starting NOW!
•Periodically check your credit report for suspicious activities. Americans are now entitled to a free annual credit report from each of the three bureaus: Experian, Equifax, and TransUnion.
•If you elect to shop online, use a credit card rather than a debit card. With a credit card, you have the extra protection of maximum liability of $50.00 for unauthorized purchased.
•Learn more about "phishing" email scams, and other schemes, frauds, and cons to separate you from your identity and your money. For more information about these scams and about resources at your disposal, go to www.ProtectingYourIdentity.blogspot.com
In the Event You Do Become A Victim
Here are some steps you could take:
•Act fast and prepare yourself for an uphill battle uncooperative and unsupportive credit card and law enforcement agencies. For guidance and support, I suggest that you turn to organizations and agencies like ITRC (www.identitytheftcenter.org), the Federal Trade Commission (www.FTC.gov)
•Call the fraud dept. of one of the three credit bureaus, Experian, Equifax, and TransUnion, and request that a fraud alert be placed on your credit reports. (The other two credit bureaus will automatically be notified.) The alert lasts for 90 days and requires creditors to call you before opening new accounts in your name; however, a word of caution is in order here. There are no legal requirements to honor alerts and merchants who are eager to make a sale may ignore them.
•Close your credit card accounts and change the passwords on all your financial and banking accounts.
Conclusion:
Let's face it, identity theft is a growing problem affecting everyone in some way or another. With the increase popularity of internet usage, it has become easier for cybercriminals to steal our identity.
