National Consumer Protection Week

Posted by Ken

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National Consumer Protection: Identity Theft

The Federal Trade Commission is promoting awareness of identity theft the week of February 6 - 12. Identity theft is one of the fastest growing crimes in our world today. A friend of mine, a victim of identity theft, shared his experiences with me. The damage had already been done before he found out someone was using his good name and good credit. Years later, along with the money he spent fighting to restore what was taken from him, he’s still suffering from the effects, although some progress has been made.

It takes a broken mind to take steal something as personal as someone’s identity. The years we put into building a good credit rating can dissolve in a blink of an eye. And by the time we realize it, it’s too late–the criminal is long gone.

Here are some ways ID thieves steal your information:

The old-fashioned way: they steal your purse or wallet

They steal your mail (e.g. credit card statements, pre-approved credit cards, etc.)

Complete a change of address form for your statements

They can even be at your workplace where they have access to your personnel files

How do they use your information? How about:

Buy cars, airline tickets, homes; take out loans in your name

Drain your bank account by writing bad checks

Establish phone or wireless service in your name

They even file for bankruptcy under your name to avoid paying the charges they’ve incurred to avoid eviction

The best way to fight identity theft is to minimize your risk of becoming a target. Here are some simple steps you can take to keep a low profile :idea::

On an annual basis, order a copy of your credit report from the three major credit bureaus:

Equifax

Experian

TransUnion

Place passwords on your credit card, phone and bank accounts

Secure your personal information, particularly if you have a roommate or employ someone outside your home to come into yours. Even if you trust your roommate, do you know who they’re bringing into your home?

Ask what security procedures are in place at your place of employment