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What is identity theft?
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Identity theft happens when someone steals your identity and impersonates you in order to open credit accounts, rent apartments, even engage in criminal acts. You don't know when it happens. Then one day you are turned down unexpectedly for a loan, you get a call from a collection agency about an account you never opened, or worse yet, a call from the police about a crime you didn't commit. Suddenly you are a victim of identity theft.
Identity theft is one of the fastest-growing crimes in America and has become a national crisis according to the Social Security Administration's inspector general. The Privacy Rights Clearinghouse estimates that there are between 500,000 to 700,000 identity theft victims a year.
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How does identity theft happen?
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Criminals steal personal information, such as Social Security numbers, driver's license numbers, credit card numbers, ATM cards, telephone calling cards and other key pieces of individuals' identities. They use this stolen information to impersonate their victims, spending as much money as they can in as short a time as possible before moving on to their next victim.
Identity thieves use a variety of ways to gain access to this personal information including:
- Stealing your mail
- Looking through your garbage - "dumpster diving"
- Stealing your wallet or purse
- Posing as your employer, bank or utility company needing to "update their records"
- Grabbing information off internet sites that are not secure
- Completing a "change of address form" at the post office
- Stealing the information from "the inside" - as in a grocery store clerk taking key information off of a check that you have written
Once the thief has access to this information, they may open a new credit card account in your name providing a "new" billing address. Given that the credit card bills will not go to your address, chances are, you will not be aware of the new account. When the thief does not pay the bills, the credit card company will report this to your credit file. The thief may also open up bank accounts in your name and write bad checks, apply for services in your name or request a "replacement" card to be sent to a new address.
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What are the effects of identity theft?
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Identity theft can have a devastating affect on a victim's life. By the time identity theft is discovered - on average 14 months after the crime - the thief has wrecked havoc on the victim's credit standing. Although the financial institutions ultimately carry the burden of the financial loss, the victim is often left with a damaged credit standing and must spend months or even years regaining their credit worthiness. In the meantime, they find it difficult to obtain loans, get a job or an apartment, even to write checks.
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What should I do if I become a victim of identity theft?
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Taking quick action can help overcome some of the difficulties caused by identity theft.
Here are the steps to take immediately should you become a victim:
- Contact the fraud division of the three credit reporting agencies to let them know you have been a victim of identity theft.
- Equifax: 800-525-6285
- Experian: 888-397-3742
- Trans Union: 800-680-7289
Request they place a "fraud alert" on your file. This alert will warn lenders to be especially careful in authenticating identity of anyone claiming to be you. It will mean that you cannot open instant credit, for example, at a retail store. But that is a minor inconvenience in light of the damage identity theft can do.
- File a report with your local police department and make sure to get a copy.
- Contact each credit grantor who has allowed a fraudulent account and tell them you did not open that account. Have them close these accounts. If you open new accounts, make sure to place a password on the account.
- Call the Identity Theft Toll-Free Hotline at 1-877-IDTHEFT (1-877-438-4338). This is the central point of contact within the federal government for reporting incidents of identity theft.
- Document all these contacts with dates, names and phone numbers for your records.
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Additional Resources
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For additional information or resources that can assist with Identity Theft, visit the Privacy Rights Clearinghouse online at www.privacyrights.org, or the Federal Trade Commission online at www.ftc.gov.
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How do I Protect Myself from Identity Theft?
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Prevention is the first step in battling identity theft. To minimize the risk of someone stealing your identity and the pain of cleaning up the aftermath, follow these guidelines:
- Carry only the cards (credit and ID) that you need to have with you; file others in a safe place at home.
- Sign your credit cards immediately.
- Do not carry your social security card with you. Keep it in a secure, safe place.
- Do not attach a pin number or social security number to any cards you carry with you.
- Do not attach or write a pin number or social security number on anything you are going to discard (e.g. a receipt).
- Shred any document that contains your credit card number before you discard it.
- Check receipts to ensure you received your own and not someone else's.
- Alert your card issuer if you do not receive your statements. Someone could have taken them from your mailbox and could be using your credit card number.
- Do not give personal information or account numbers to anyone until you have confirmed the identity of the person requesting the information and verified that you need to provide them with the information.
- Frequently check your credit report or subscribe to Credit Monitoring to monitor your credit file daily and be alerted of changes that can be an early warning of identity theft, such as new account openings or changes to your address.
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