Tuesday, 01 June 2010 09:32
(This article is in response to a request for additional identity theft information following last month's article on the subject.)
The Federal Trade Commission (FTC) states that the identities of approximately 9 million Americans are stolen each year. The crime involves the theft of certain personally identifiable items, such as a name, bank statement, credit card, or Social Security number, and using them to carry out fraudulent acts. Taking preventive measures and staying informed are steps that can help ensure that you don't become a victim of identity theft. In order to be vigilant as a consumer and avoid this threat, you must learn to deter, detect, and defend using the steps below.
* PREVENT VICTIMIZATION: The Department of Justice recommends that consumers operate on a "need to know" basis. This means that you should avoid making obvious mistakes, such as supplying your bank account number to a caller claiming to represent your bank.
* INACCURATE CREDIT REPORT: New accounts opened by a thief are likely to show up on your credit report. Review your credit report for accuracy at least once a year. You're entitled to a free annual credit report from each of the three major credit bureaus (Equifax, Experian, and Trans Union) through Annual Credit-Report (annualcreditreport.com).
* LOOK FOR SIGNS: Receiving credit cards that you didn't apply for, denial of credit, or less-favorable credit terms for no apparent reason can also signal identity theft. Check your credit reports to determine the extent of the theft. In addition, pay attention to recent bank account and credit statements. Don't assume everything is accurate.
* MISSING BILLS: Keep track of when your bills should arrive. A missing bill can be a signal that a thief has changed the billing address to cover his tracks. Before paying a bill, examine it to make sure all charges are accurate and report unauthorized charges immediately.
* WHEN IT'S TOO LATE: If you become a victim of identity theft, take immediate steps to correct your records. Make sure to document telephone calls and follow up in writing using certified mail, return receipt requested. Never send original documents and always keep a copy of letters refuting charges. Example of documents you can furnish are debt collection letters, credit reports, or a copy of your printed ID Theft Complaint.
* CLOSE ACCOUNTS: To minimize financial damage, close all accounts the thief has tampered with or fraudulently opened, including bank and credit card accounts. Place passwords on any new accounts you open, but don't use easily7 identifiable words or numbers and don't reuse existing passwords.
