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Identity Theft CAN Happen to You!

WHAT IS IDENTITY THEFT? – When someone uses your personal information for their financial gain. With each submission of information on a credit application, the credit bureaus update your “permanent record”. Numerous submissions with inaccuracies, and your credit report can cease to resemble anything accurate about you. This causes a disconnect when you need to use your report for viable information. In addition, identity theft can take place in the form of: fraudulent drivers license, address for shipments, library cards, social security cards, voter registrations, background checks, bankruptcy claims. This is just to name a few. In many instances, other crimes are committed by those using stolen identities.

WHAT IS A CREDIT REPORT? – A document that contains vital, personal information that bankers or anyone who wishes to extend credit to us for any reason, relies upon to determine what the risk factors might be.

WHAT CHANGES WHEN IDENTITY THEFT HAPPENS? – Address, work history, name and payment reliability. Changes in payment reliability is where the real damage is done because if you have bills for items that you did not purchase going to an address that you don’t live at, these bills aren’t getting paid. Your credit report reflects these missed bills and they are indicated as negative, adverse marks.

PROTECTION AND EDUCATION ARE KEY TO PREVENTING IDENTITY THEFT – We must be knowledgeable in prevention; otherwise, it is a problem that is just going to continue to become increasingly worse.

CREDIT CARD FRAUD VS IDENTITY THEFT – Credit card fraud is a stepping-stone to identity theft. Credit card fraud simply means someone has stolen a credit card number that belongs to you and used it to make purchases that you have not authorized. This can develop into identity theft, where no longer is it just your credit card number being used, but a person has created a credit card in your name and your information has actually changed as mentioned.

HOW SERIOUS IS THE PROBLEM? – The last federal trade commission survey that was taken in 2002 gave us the statistic that 12.7 % of individuals, or one in eight people surveyed had experienced some form of identity theft. Keep in mind that this figure has increased dramatically over the past 5 years. This was in 2002 when many people had not heard of identity theft, unlike now where we have commercials and insurance agencies trying to make us more aware of the problem. The challenge is, as a society, even thought bombarded with information; we are not fully knowledgeable about the depth of the challenges faced when your identity is stolen.

HOW CAN WE START THE PREVENTION PROCESS? – Learn not to give away information that is not critical. Think of how often the following identity related information is public knowledge:

SEVEN MAIN POINTS OF IDENTIFICATION – Full name, street address, city, state, zip code, phone numbers, and birth date. You can’t avoid sharing these points of information, but that is why we must be that much more cautious when sharing our 6 additional points of identification.

SIX ADDITIONAL POINTS OF IDENTIFICATION – Spouse’s name, social security number, mother’s maiden name, city of birth, employer, and your password. It is important that we watch this information when we share it because if we don’t, it can get beyond our control.

HOW IS YOUR INFORMATION BEING SHARED? – Once out, it can be sold in Internet chat-rooms that are solely based on selling and sharing your personal points of identification. Commonly people believe if they do not use the Internet with regards to vital information, then they are not at risk. YOU do not have to use the internet to have your information shared on it!

WHO CAN YOU TRUST? – Outside of your immediate circle, you can’t trust anyone. There’s always a possibility that someone will steal your identity. 25% of cases happen within a family or with someone that you know. Even if you think you are in your comfort zone, “smooth talking Jack” can take advantage of you and come across seemingly harmless. Can you tell me who the 1st cousins are of all of your closest friends? NO.

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