What You Should Know To Prevent Identity Theft

What is identity theft? The most recent statistics clearly indicate that identity theft may be the fastest growing crime in the United States

. The estimated cost of this criminal act is more than $50 billion dollars a year, with the average loss to the victim's personal information being more than $6,000.

There are many things that you can do to help avoid being a victim of this crime. In this article we will describe things that you can do to help protect yourself as well as what to do if you become the victim of identity theft.

Purchase a shredder and tear up all unneeded financial papers. Shred all of the credit card offers you receive in the mail and do not want. Thieves can and often will rummage through your garbage, and all they have to do to obtain the card is sign your name. Do not use simple passwords when banking or conducting any financial transactions online. The best passwords are long ones, or passwords that contain a combination of numbers and letters. Don't furnish your Social Security number, credit card number, or any financial information to anyone over the phone. Banks won't ask for this information over the phone since they already have it. Don't carry your Social Security card or any seldom-used credit cards in your wallet. If you don't use them, don't carry them. Whenever you order personal checks, have as little personal information as possible printed on them. You should never put your phone number or social security number on your personal check.

If you do believe that you have become the victim of identity theft there are some things that you should do immediately. First call the fraud units of the three major credit bureaus and request a fraud alert be placed on your credit file. Next,you should report the suspected crime to your local police department. Make certain that you receive a copy of police reports because creditors will often require confirmation that there was an alleged crime before they will conduct investigations. Next, request copies of your credit report from the credit bureaus to see if any fraudulent accounts were opened without your knowledge or. Call all creditors with whom your identify or identifying data may have been fraudulently used. Also, contact all financial institutions wherever you have accounts that an identity thief has acquired your account or where an account has been opened in your name without your knowledge. You should also place stop payment orders on any outstanding checks that have not cleared, as well as change your debit card, account, and PIN. Write down the names and phone numbers of people with whom you discussed your case and keep all original reports and supporting documents. You should also contact The Federal Trade Commission, this is the federal clearinghouse for identity theft protection and identity theft prevention. The many complaints about identity theft that the Commission receives assist it, and many other law enforcement agencies, track down, investigate and prosecute identity thieves. You can file a complaint with the FTC by contacting the Consumer Response Center by phone. If you determine that you are the victim of identity theft do not panic, but remember some of the guidelines mentioned in this article.

by: Tony Evans

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