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Guard Against Identity Theft
Stay informed to minimize your risk.
Identity theft is the fastest growing crime in America. According
to the Federal Trade Commission, the number of identity theft incidents
reached 9.9 million in 2003. These crimes are estimated to have
taken the average victim $500 and 30 hours to resolve.
From stolen credit cards to total identity kidnapping, these ugly
and prevalent crimes are hard to prevent and often difficult to
correct. Although it is hard to truly avoid becoming a victim of
identity
theft, there are a few ways you can guard against this damaging
crime.
Types of identity theft
Identity theft crimes range from purse snatchings to kingpin-style
fraud rings. The definition of identity theft is a crime in which
an imposter obtains key pieces of personal information, such as
a Social Security number, in order to impersonate someone else.
Identity theft can occur when someone takes your mail, steals your
wallet or swipes your records from an institution. Most cases can
be resolved fairly easily if they are caught early. Creditors and
banks usually hold you responsible for only the first $50 of fraudulent
charges. The most serious cases of fraud can take several years
and many resources to resolve.
Preventative measures
In this world of smiling strangers, it can be tough to keep your
identity safe. The best security policy is to be aware of fraud
and cautious about where you share personal information. Check your
account statements carefully each month and keep an eye out for
suspicious activity on your
credit
report. A paper shredder can also be a powerful tool for
making sure personal information and pre-approved credit offers
don't end up in the wrong hands.
If your identity is stolen
If you suspect that your identity has been stolen, the first step
is to get all the facts about the damage. Become your own detective-search
your
credit
report and bank accounts for clues. Ask your creditors to
immediately cancel any fraudulent charges and consider putting a
security alert on your credit report. If the theft is serious, file
a police report. If fraudulent records start to show up on your
credit report, send letters of dispute to the reporting agencies
with copies of documentation supporting your claim. Signing up with
a
will inform you of changes to your credit. It may take a while to
fully recover the security of your accounts, but it's crucial that
you don't let the fraud escalate.
Get
your credit report and score NOW!
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