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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:
Credit - Google News
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