Identity Theft - the Ultimate Identity Crisis

Instead of a ransom note, unexpected bills begin arriving from companies you don't recognize. The phone rings, and a collections agent begins lecturing you about fiscal responsibility. A flatbed truck backs into your driveway to repossess your vehicle. The ATM eats your cash card. Your power, cable TV, and telephone services are shut off. The Internal Revenue Service threatens to garnish your wages. The police arrive to question you about credit card fraud. What happened?

Someone stole your identity.

What is identity theft?

Someone swipes your name, your credit card number, or your Social Security number and begins racking up bills. You may not even know it, until a bill collector contacts you, or the bank freezes your accounts. You may even be arrested for fraud or other crimes the identity thief actually committed.

It may take months to restore your solid credit rating and your own good name. In the meantime, you may miss out on important opportunities: college grants, job placements, automobile loans. Even your health and life insurance may be affected, if the thief obtains medical care in your name.

How can you tell if your identity is stolen?

Check your billing statements every month. Audit these carefully, and report any unknown charges. If you fail to receive a regular bill on time, contact the issuing company immediately.

Be alert for any unexpected invoices, charge accounts, or other unanticipated legal or financial issues.

Check your credit status regularly. (You can do this online by contacting any of the major credit reporting agencies. In the US, these are: Experian, Equifax, and TransUnion.)

If you detect identity theft, file a police report immediately. This will place an alert on your credit rating and a lookout for the thief. The next time he charges anything or files for credit, he may be caught. An Identity Theft Report will be filed, which will greatly improve your chances of clearing up your credit rating.

Where did the crooks obtain your private information in the first place?