Preventing Identity Theft

Imagine this: You try to use your credit card and are told it's over the limit. You know that's impossible because you just got the card. You check with the issuing company and find someone else has been using your name and social security number. Not only did they use this credit card, they have opened a variety of other accounts that are all past due.

This scenario is a very real possibility. Identity theft is one of the fastest growing crimes in the United States. And what makes it so devastating is that many times you don't know you're a victim until months later when the overdue bills come and hostile bill collectors' call. Before you know it, your good credit is gone. The damage is done!

Thieves use various forms of fraud and deception. They steal credit cards to charge on existing accounts or steal personal information to open new accounts and charge thousands of dollars. Over one-half million new identify theft cases are reported annually and the number is growing quickly. Because it's a relatively new crime, many states don't identify it as a crime and if they do, the punishment is minimal. And what's worse, most thieves go uncaught.

Typically, the damage criminals do when they steal another person's identity and use it to commit fraud, often takes far longer to undo than it took the criminal to commit the crimes.

What can you do to help this New Age, insidious crime? Here are 20 important suggestions:

1. Check your credit reports annually. This is your first and best prevention. Contact the three major credit reporting agencies (www.Equifax.com, www.Experian.com and www.Transunion.com) and get copies. Look for incorrect information. Report discrepancies immediately to them.

2. Guard your Social Security (SSN), driver's license and health insurance card numbers. Many companies ask for them for their records, but ask them to use another number. NEVER give your SSN to anyone if you didn't make the contact first. Don't carry your SSN card with you and never have it pre-printed on checks.