| |
| |
|
Credit Information |
|
|
|
What Can Happen to You as a Victim of Identity Theft, Facts & Figure
Is identity theft really that serious? Thousands of people every year are victims of this terrible crime. Thieves use your personal information to commit fraud or other crimes in your name and can cause significant credit damage. Identifying information taken without your permission, such as your Social Security number (SSN), credit card number, or your drivers' license, can be used to "steal your identity." The effects of identity theft are much greater than most people suspect. Victims can spend years trying to re-establish their credit and their good names. The cost of this process, both financially and emotionally, is often quite high. But there are options (see below). Identity theft is a serious crime. The Federal Trade Commission reports identity theft as its number one source of complaints by consumers. The average victim pays more than $1,000 repairing the damage and loses an average of $6,767. A recent study by CBS News claims that a thief steals someone's identity "every 79 seconds."2 An estimated 750,000 people are victimized each year. How can you tell if you are a victim of identity theft? There are some clues. First, it's important to always monitor the balances on your checking, savings, or other financial accounts. Keep an eye out for unexplained charges or withdrawals made without your permission. Carefully reading your monthly bank and credit card statements, then checking the amounts against your check register or other record-keeping method could catch a thief in the act of assuming your identity and spending your hard-earned money. Identity thieves may change the address on one or more of your bills, so make sure you know when you usually receive specific notices. For instance, if you receive your credit card statement at the beginning of the month and it doesn't arrive in the mail, this could signal an address change by an identity thief. Another clue that comes in the mail is a credit card for which you didn't apply or a statement for a credit card that you have never used. Someone may have used your information to apply for a line of credit. Also take note if you are getting phone calls from debt collection agencies, credit departments, or other companies regarding merchandise or services that you did not purchase. Someone may be acquiring goods and services in your name. And finally, when applying for a line of credit, be aware of your credit standing. If you know you have a good credit rating and get turned down by a credit card company, this is a red flag that someone else may be sullying your rating. Even if you don't know your credit score, always ask why you were declined and verify the reason against your credit report. Once your identity has been stolen and your credit has been damaged, the long process of regaining your name and good standing could cost you more than inconvenience. Victims are unable to qualify for loans, to purchase houses and cars, and to pay for higher education. They may be refused job opportunities and even be arrested for crimes committed by the identity thief. In the meantime, the criminal with your personal information may: ? Go on a shopping spree with your credit or debit card account numbers. Thieves may also create counterfeit debit cards or checks. Merchandise can be sold and the criminals walk away with cash. ? Open credit or checking accounts in your name with your SSN and date of birth. As the bills pile up, your credit report reflects the delinquent account. ? Have your credit card statements sent to a phony address. Without the bills as a reference, it may take you a while to realize your account is being used. ? Take out loans in your name for big purchases, such as a new car. ? Set up telephone or internet service in your name. ? Avoid the responsibilities of debt or an impending eviction by filing bankruptcy using your SSN. ? Give your name to police when being arrested. If the criminal is released on bond but fails to appear for the court date, police may issue an arrest warrant for you. ? If you have credit damage, contact CM Financial Services at 714 441-0900 or visit http://www.creditdamage.com Protecting yourself against identity theft takes a little extra time, but in comparison to the time, effort, and money it takes to reclaim your name once it has been stolen, the vigilance is well worth it. Cathy Taylor is a marketing consultant with over 25 years experience. She specializes in internet marketing, strategy and plan development, as well as management of communications and public relations programs for small business sectors. She can be reached at Creative Communications: creative-com@cox.net or by visiting http://www.creditdamage.com or http://www.internet-marketing-small-business.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Harassment of People in Debt by Creditors HarassmentHarassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970. It is often difficult to know what to do when you feel a creditor is not dealing with your account fairly. Credit Repair Myths and Facts There are no secrets to repairing your credit. Many shady credit repair agencies would love you to think the contrary. Identity Theft - Additional Protection for Soldiers on Active Duty Congress passed the Fair Credit Reporting Act several years ago in an attempt to smooth out some problems in the credit reporting industry. The best known provision of this Act is one that permits Americans to receive a free copy of their credit reports from each of the three main credit bureaus once per year. Compare Credit Card Offers and Reward Yourself Here's a simple system on how to pay zero interest and get tons of free stuff. Almost everyone uses credit cards. Making Sense of Credit Card Fees In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. Do You Know The Top Five Credit Card Mistakes? When you're dealing with credit cards, you're playing with fire. Unfortunately, there are plenty of people out there who don't realise that, and make all sorts of dangerous mistakes with their credit cards every day. Ways to Look Good without Selling Your Soul to the Credit Card Sharks 1. Buy clothes at thrift stores. How Your Credit History Can Affect Your Life Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. 10 Simple Steps to Manage Your Credit By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. Credit Report - Check Yours Regularly - and for Free In the twenty-first century, there are few documents that have a greater impact on the lives of Americans then their credit report. Credit rating determines one's ability to buy a home, a car, or to obtain a credit card or a job. Why Does FACTA Matter to Me? FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year. Triple AAA in 30 Days Have you ever wonder about how to get good credit with spending alot of money. Well here is a little secret I used to get my credit back up to par. Credit and Banking Money Saving Services The first rule when applying for banking and credit services is to always read the fine print and to understand all of it. Read up, take it home, and analyze it, ask the banking manager questions. UPS Delivers the Goods, Your Identity Well now we add CitiGroup and UPS to the Identity Theft corporations who have allowed Americans identity to be lost. Each time we have another identity theft case, we find larger and large numbers being lost. Finding the Right Credit Card There are so many credit cards out there to choose from that deciding which one to get can feel really daunting. What makes one offer better than the hundreds of others you've seen? Take this little quiz to find out what you should look for in a card. Credit Cards: What is the Universal Default Clause? Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or twice is also aware that doing so may cause the interest rate on their card to go up - sometimes by quite a lot. 3 Ways to Improve Your Credit Score by 50 Points In Less Than 30 Days In Less Than 30 Days. "What can you do to increase that set of three numbers on your credit report that can be so important with your financing?" I came across this question as I was surfing discussion groups the other day. Which Credit Card? Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:Debit cardYou can use a debit card to buy goods and services. A debit card is very much like a cheque, unlike a credit card, you pay for goods straight away and the money comes out of your account quickly. What You Need to Know About Interest Rates For all people shop around for the best rate, there are few who have taken the time to sit down and add it all up. After all, why would you bother? The answer is that understanding just how interest rates work can help you see how important small differences in rates and payment amounts can be. Credit Counseling: Is it Really Necessary? Not everyone has a positive experience with credit counseling. Potential creditors often frown upon consumers who are going through credit counseling, denying them credit or sticking them with elevated interest rates on new lines of credit.
|
| Home | Site Map | |
| © 2007 |
