Defending yourself against Identity Theft

Statistics now report that one in five Americans have been victimized by identity theft, resulting in an average of 180 hours and $5 billion to undo the harm.  Many consumers first learn they have had their identity stolen when trying to purchase a home.  Their home-ownership plans are derailed while they try to repair the damage that has been done and restore their good credit.  This serious topic deserves some special attention and I will provide suggestions on deterring and defending yourself against this crime.

Prevent Identity Theft: An ounce of prevention is worth a pound of cure.

1. Shred all paperwork that contains personal information.
2. Do not give out your Social Security Number on your checks and do not carrying it in your wallet.
3. Do not provide personal information unless you know the person you are dealing with: including by Internet, mail, or phone.
4. Do not click on links from unsolicited emails, which might contain viruses.  Use Anti-Spyware, Anti-Virus, and Firewall software. You might like to review OnGuardOnline
5. Be unpredictable when choosing passwords; do not use your mother’s maiden name, your birthdates, or the last 4 digits of your Social Security Number.
6. Keep your personal information in a secure place at home.

Red Alert!!  Symptoms of ID Theft:

1. Mail or bills do not arrive at expected times.
2. You receive unexpected credit cards or account statements.  Consider setting up an alert system on your home computer when regular bills are normally due.
3. You receive calls or letters about purchase that you didn’t make.
4. Your credit is denied for no reason.

Schedule your Annual Check Up:

Check your credit report annually.  You have the right to a free credit report each year.  It will tell you what accounts you have and your paying history.  See the document Credit Report for assistance in reading and understanding your report.

And visit this site to obtain your report:  AnnualCreditReport  

Review your financial statements regularly and immediately investigate any charges that you didn’t make.

The Road to Recovery:

 Don’t hesitate if you suspect that your personal information is being used by unauthorized persons. 

1. Place a “Fraud Alert” against your credit report by calling one of the three nationwide credit reporting companies. 
2. Close any accounts that have been opened fraudulently or tampered with.  For each account:
   • Call the fraud or security departments to report and follow up in writing and include copies of supporting documents.
   • Use the “ID Theft Affidavit” to support your claim and report to the FTC.
   • Request written verification that the account has been closed and that fraudulent charges have been discharged.
   • Keep copies and record any conversations.

3. File a police report with your local police.
4. Report the theft to the Federal Trade Commission using the link noted above.