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If you become a victim of identity theft, work quickly. The longer you wait, the more damage there will be to clean up. |
Featured Articles... "When I took a look at my credit report, there were all kinds of credit cards I hadn't ever opened," said Smith. "The accounts were delinquent and my credit score (a computer-derived number based on several factors on a credit report) was very low. I didn't understand how someone could have opened accounts in my name without my knowing about it." A Growing Problem In 2000, over 700,000 people reported becoming victim of identity theft. Your financial identity consists of personal information such as your Social Security number, account numbers, personal identification numbers (PIN) and other numbers that may be used to access your financial information or open new accounts. Identity thieves use this personal information to fraudulently purchase goods and services leaving their victims in financial distress. Victims are faced with the burden of having to prove their innocence. It's much easier to take steps now and avoid being victimized than it is to resolve the problems identity theft causes. It's a good idea to check your credit reports annually for fraudulent activity. Don't carry your Social Security card in your wallet or handbag. Leave it home- it is personal information that identity thieves use to open accounts in your name. What to Do If you become a victim of identity theft, work quickly. The longer you wait, the more damage there will be to clean up. First, call each credit bureau and request that a "fraud alert" be placed on your credit report. (A list and contact information is available at the end of this article.) A fraud alert on your credit report means that creditors must contact you before opening any new accounts. This should reduce the opportunity for additional damage. You will also receive a free copy of your credit report from each bureau. Be sure to contact all three credit-reporting bureaus because each will have different information. If you open any new accounts, put passwords on them. Don't use anything obvious such as your pet's name or your birthday as a password. Second, it's vital to file a police report. Send copies of the police report to the three credit bureaus as well as any creditors who request it. A new law in Washington State helps protect consumers against identity theft. If you send copies of the police report to the credit bureaus, all negative information due to identity theft will be removed from the report. Check with the Attorney General of your state to find out what they can do to help if you are a victim of identity theft. Finally, close all affected accounts. Each creditor will send you an affidavit to fill out. On the affidavit, state that you did not authorize the charges. You may be responsible for the first $50 charged on any credit card account. The credit card company is responsible for the remaining charges. After the affidavits are processed, the negative information should be removed from your credit report.
The Federal Trade Commission has counselors who
specialize in helping victims of identity theft. Call 877.ID.THEFT (877.438.4338).
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