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Identity Theft - Dont Think You Are Immune
As identity theft becomes more prevalent, the need to regularly check your credit report is veryeasy to see and understand. Two big headlines in the news recently point to how closely tied yourcredit report and identity theft are. First, we hear of the troubles of Choice Point, a company involved in the storage and distributionof credit information. It appears some criminals set up a fake company and used it to obtainsensitive credit information. Then in turn they used it to steal the identities of about 750 people.That number will probably grow, since more than 500,000 people across the country have beenput at risk. Second, comes the story about missing computer tapes containing credit card records of morethan 1.2 million of Bank of America cardholders. Most of the accounts belonged to federalgovernment employees. This has placed the account holders in danger of increased risk ofidentity theft. Both of these companies are now in the process of notifying the people of their exposure. Thetruly bad part of all the problems is these leaks and losses occurred months ago. These twocompanies were not very quick in notifying the people affected. Way too much damage couldhave been done before they had been alerted to the trouble. While the headlines may change, the need to check your credit report does not. You may be verycareful. You may shred your documents, the credit card and other financial solicitations youreceive in the mail. You may take great care how and where you give out your financialinformation. Unfortunately as these stories show, it may not be enough. Identity theft affects about 10 million victims per year. It has been estimated to cost consumersand businesses more than 50 billion dollars a year. It is easily among the fastest growingcategories of white collar crime. You need to do all you can to fight theft of your identity. A new law has been put on the books by the Congress to help combat the losses. It allows theyou, the consumer to request a free credit report from the credit agencies once a year. You shouldnot hesitate to take advantage of it. However, the law has a rollout feature which does not allowfull access for all Americans until September 1 of this (2005) year. While this is a step in the right direction, in typical fashion the government continues to leave thepopulace exposed. You should access your credit report much more often than once a year. If anidentity theft takes place just after receiving the free credit reports, an enormous amount ofdamage can be done before you can review your next free report. The Federal Trade Commission has put together a list of questions and answers concerning thisnew law and the effect it will have on your credit report and your risk of identity theft. They canbe helpful to you in determining your rights under the law It makes sense to check your reports regularly, as often as, on a monthly basis. This may seem abit much to you, but just ask a person who has had their identity stolen how much hassle it is totake your life back. They will tell you it is well worth the effort. Let's face it, no one cares asmuch as you, about your credit record, and the damage that identity theft could cause in your life. (c)2005 David Wilding David Wilding has for the past ten years worked with groups and individuals to rid their lives of debt. Visit his website for more ideas, tools, and strategies to get rid of your debt.
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