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Posts Tagged ‘ID theft’

4 Steps To Recover From Identity Theft

April 30th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Credit Reports, Money Management

The topic of Identity Theft continues to surface regularly on the news, around the workplace water cooler, and in homes where consumers are trying to figure out the best way to respond when their social security numbers have been stolen, credit cards opened up in their names, and other unauthorized activity taken place. I.D. Theft isn’t merely an inconvenience, it is a problem that can cause much misery for the afflicted consumer.

If you suspect or know that you have been victimized, there are some steps you can take to defend yourself. Thanks to recommendations made by the Federal Trade Commission (FTC), there are four steps you can take to win your battle against identity theft:

1 Review your credit reports, have alerts placed in your files. You are entitled to receive one free copy annually of your credit report from the three major credit reporting bureaus. If you suspect that your identity has been stolen, then obtain copies from TransUnion, Equifax, and Experian. If you instruct one company to place a fraud alert in your file, they are required to inform the other two that an alert has been placed. Visit AnnualCreditReport to obtain your free credit reports.

2. Close tampered or fake accounts. Any credit accounts you opened should be closed as well as accounts not opened by you, but in your name. You’ll need to contact the fraud departments of each business and there are steps on the FTC site instructing you how to do this.

3. File a complaint with the FTC. By notifying the FTC of I.D. Theft, you can help this agency track theft trends which are shared with law enforcement people across the country.

4. File a police report. Notify your local police or the police in the locality where the theft took place. Some locales may be hesitant to take your report, while others may be required to do so under state law. In some states, notifying the state police is the best approach.

Once that you have identified that you are a victim of I.D. theft, taking immediate action is necessary. The longer that you wait, the worse the problem can become.

Further Reading And Resources

Credit Management Center

Defend: Recover From Identity Theft

Free Credit Reports


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I.D. Theft Remains #1 Consumer Complaint

February 20th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Credit Cards, Credit Reports

What was the chief complaint received by the Federal Trade Commission (FTC) in 2007? If you guessed “identity theft” credit cardsthen you answered correctly. Last year, the FTC tallied more than 800,000 complaints from consumers with almost one-third that number naming I.D. theft in their complaint.

Credit Card Fraud Leads The Pack

According to an FTC Report released on February 13, credit card fraud was the most common form of reported identity theft at 23 percent, followed by utilities fraud at 18 percent, employment fraud at 14 percent, and bank fraud at 13 percent.

Consumers said that they lost $1.2 billion due to identity theft, averaging $349 per complaint.

Consumers Aren’t Always Sure When Theft Happens

Although identity theft happens, many consumers aren’t sure how it happens or happened to them. Oftentimes a problem surfaces well after the thief has gained access to confidential information, when the most damage has been done. Errors on a credit report, unsubstantiated charges on a credit card statement as well as dunning letters from creditors often tip consumers off, but by then the worst has taken place.

FTC Recommendations For Consumers

For identity-theft victims, the FTC recommends taking these steps:

  • Place a fraud alert on credit reports and review credit reports. Contact any of the three consumer reporting companies to place the fraud alert.

  • Close accounts believed or known to have been tampered with. Follow up in writing, and include copies, rather than originals, of documents.

  • File a complaint with the FTC, which can refer complaints to other agencies and companies for further action, and investigate companies for violations.

  • File a report with local police or law enforcement in the area where the identity theft took place.

You may not be able to stop i.d. theft completely, but you can have a hand in stemming the tide. Make sure that you obtain copies of your credit reports on a regular basis, examine them, and notify the credit bureaus when errors are found.


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Protect Yourself Against I.D. Theft This Season

December 17th, 2007 by Matthew C. Keegan | 2 Comments | Filed in Money Management

The final week of Christmas shopping is upon us, but that doesn’t mean that everyone is done shopping. This year, sales are down suggesting that many consumers are waiting for last minute bargains to appear or perhaps cutting back on their spending. Regardless of how, where, or when you shop there is something you need to keep in mind in order to protect yourself as some thieves may try to steal your personal identity.

Identity theft continues to cost consumers, credit card companies and merchants billions of dollars annually in lost revenue, time, and in that hard to measure category — aggravation. You can prevent identity theft by keeping the following in mind:

Save Those Receipts — Nobody likes to be swamped with paperwork, but keeping receipts for all purchases going back as long as 90 days is great way to cross check your credit card bill against purchases. Once your purchases are verified, then shred the receipts you will not need (with a cross cut shredder), but keep those with guarantees/warranties attached for later reference. Also, keep copies of your credit card statements for up to seven years.

Watch Those Checks — Banks have moved away from requiring consumers to post their social security numbers on checks as this step has been a proven contributor to identity theft. If you are planning to give a gift this season and your social security number is printed on your checks, then give cash or a gift card instead. Make a resolution for the coming year to order new checks without sensitive personal information printed on them.

Shop Online, Carefully — Some would say that online shopping is dangerous. On the contrary, identity theft occurs more often through the carelessness of shoppers who leave receipts behind at stores, share personal information over the phone, etc. When shopping online make sure that your computer’s firewall and anti-virus software packages are up-to-date and only shop on a secured site. Look for a closed padlock in the corner or bottom of your browser when making a purchase and that web address should start off with https when you are at the point of purchase — the “s” means that the site is secure.

Run Your Credit Reports — By law, the credit reporting bureaus are required to provide one free copy of your credit report to you annually. Order your reports and check it for errors; if incorrect charges are being made under your name they’ll likely show up in your reports.

Update Your Passwords — One company had their accounts tampered with when the thief discovered that the password being used was the word password. Passwords should be at least eight characters long, contain numbers and letters, even symbols.

Identity theft can happen at any time of the year and in ways completely unexpected for consumers. Situational awareness — whether shopping online or in a store — is crucial to protecting your privacy and securing your identity.


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