Identity Theft” What is it?

“Identity Theft” is exactly what the words mean. This is done by a person or persons who are called Identity thieves. In general, identity thieves take your personal identifying information, such as your name, social security number, address, phone number, drivers license number, date of birth, credit and bank account numbers or any information you would use to identify yourself. Account take over fraud: They take this information, pose as you and open checking and savings accounts, apply for loans, establish accounts with utility companies, rent apartments - ultimately stealing thousands of dollars using the victims name. The identity thieves may call up your bank or a creditor and use your identity to order an additional card on your account to be sent to a another address, how so? By filing a change of address with the post office to divert any newly credit cards or checks into their hands thus, leaving you holding the bag. This is a very serious crime.

This crime is far more complex than just the ordinary credit card fraud. With just enough personal information about you, the thief is well on his or her way to assuming your financial identity, eventually taking over existing accounts, opening new accounts, and obtaining lots of other goods and services in your name. How will I know this is happening to me? You won’t at first, but here is a tip; you may receive a notice from a bank or other creditors that you are overdrawn or have a past due balance. Only when you obtain a copy of your credit report do you discover the full extent of the damage to your credit history. That is why I suggest that consumers regularly check up on their credit file, keeping it up to date. I also suggest that they get a credit monitoring service such as those provided with the individual credit bureaus. Find out more in our Credit Improvement Guide

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