IDENTITY THEFT is a Growing White Collar Crime in America…. Are you safe? And how do you know?
Posted: Saturday, September 10, 2005
by James Decker
IDENTITY THEFT is a Growing White Collar Crime in America…. Are you safe? And how do you know? In our society there are many things that can turn your world upside down instantly and not being prepared makes things 10 times worse. It’s unfortunate that we must protect ourselves from legal situations that are way beyond our control. Unfortunately that is what is happening. Did you know that it only takes one seemingly small problem to turn your life upside down? If this happens to you and you don't know your rights then you do not have any rights! You will end up being treated as if you didn't have any rights and that can ultimately hurt you.
How many sleepless nights, time and money did they have to spend before resolving their issue? How do they even know if it’s fixed yet?
Perhaps you didn’t realize this…… Have you ever received information from a credit card company that said your application had been approved and you did not apply for it?
That can be a warning sign! Were you recently turned down for credit that you thought you could get? That could also be a sign of identity theft.
When your identity is stolen, you may not now about it for months or even years! Statistically, on average it takes 2 years from the time of the fraud for the identity theft to surface and an investigation to begin. We live in an information driven society and technology allows us to buy and do business we also make transactions in a matter of seconds. This is a wonderful thing for most of us but at the same time, this abundance of information circulating everywhere has also created many problems.
According to a 2003 release from the Federal Trade Commission, almost 10 million people in the United States may be victimized by identity thieves each year! And you know that number is only going to get worse as banks and businesses continue embrace e-commerce and we as consumers continue to use credit cards.
Just because you have not received any strange phone calls or mail does not mean that we may not be victims of identity theft and fraud. Some people who steal identities are very very good at keeping their activities hidden for many years. Additionally many of these frauds take place over seas and over the safe haven of the internet. They can be using your name, social security number, passport number and line of credit while living in another state or country.
If they have purchased a house or opened up a credit line somewhere they might pay just the minimum balances on the on bills until they have maxed out your credit and are ready to move on!!! By that time they may even have taken a second mortgage out on your house and you would not even know it, you would be clueless! If you think this doesn't happen, think again……. It really does happen and it is happening more and more frequently, you probably already know of someone who has gone through some form of identity theft and fraud to some extent. Ask around and you will be surprised how prevalent it actually is.
Your credit rating/score is one of the most important financial assets you have to your name. It not only directly affects your ability to get credit it often dictates the interest rate at which you can borrow against and the terms of the loan. It can also affect your ability to purchase insurance and in some cases…. find employment. Some insurance companies use your credit score to set your premium rates and some prospective employers use your credit rating to gauge your sense of responsibility.
It can be incredibly devastating to find that your identity has been stolen when you are trying to find a job because you are already in a bind and you don't need one more headache that can set you back financially and take a large amount of your time. Below are some points to follow when you find yourself in a situation where you expose yourself to potential fraud and identity theft…….
Don't give out information on the phone to someone you did not call unless you were expecting their call.
Don't deal with companies online who don't have a phone number and physical address that you can verify.
When using your credit card at a restaurant don't allow the server to take your picture ID with them when they ring up your bill, they will have additional supporting information which can be abused.
Do check your credit reports often, at least twice a year. Do shred credit card receipts instead of just tossing them in the trash. Don't have your driver's license number or social security number printed on your checks, you may even want to rethink your address on your checks.
Although you may apply all these types of preventive measures your identity can still be at risk and stolen, but it will be a bit harder for the thief to do. Let’s face it if a thief really want your information they can buy it online from one of the many people search and background search companies on the internet that sell public records for a small fee.
You must be prepared do a lot of legwork in obtaining information from many sources should you find out there is fraud being attempted under your identity. You will need to act very quickly to minimize the damages to your good name and credit standing. The following are some key things to act on quickly in case you find out your identity has been stolen and misused…….
Call the police and file a police report, make sure to get a copy of it. Contact all the major credit reporting agencies. Make a report it to the Federal Trade Commission Obtain current credit reports from all the major credit reporting agencies. Notify all the banks and credit based companies listed on your credit report of the fraud. Notify the Internal Revenue Service, the Social Security Office, the Department of Motor Vehicles, and the Postal Service offices. Make sure to keep a log of all the people you have contacted and the dates. When contacting places by phone make sure to jot down the person's name and time you talked to them with their direct phone number. You will also want to keep copies of all the letters that you mail, make copies. It is also a good idea to send all of your letters via certified mail or registered mail as a way to document your communications with banks and lenders regarding your identity theft issue and notice of potential fraud. If a judgment has been entered in your name you may need access legal help and advice. Things can get out of hand and you may require a lawyer to step in and advice and assist you in your effort to restore your identity and credit.
The above listed steps are going to take your time and you should be prepared to spend money in your efforts to restore your good name and credit. It cost's the average person at least $1,500.00 and many many months of groundwork to clear this issue up.
But there is a way to save hundred of thousands of dollars and know that your identity is being watched and protected.... learn more about identity theft prevention.
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