Protect Yourself from Identity Thieves - MSNewsNow.com - Jackson, MS

Protect Yourself from Identity Thieves

By Barbara Brady
PlanetFeedback.com

Have you ordered a copy of your credit report lately? The Federal Trade Commission recommends that you do so once a year. The agency advises you to read it carefully and make sure it includes only transactions you have authorized. Unwanted charges or accounts you don’t recognize could be a sign of identity theft.

Identity Theft is a Growing Problem

Identity theft  -- stealing personal information and using it to commit fraud or theft -- is a fast-growing problem. Since its inception November, 1999, the FTC's ID Theft Hotline (1-877-ID-THEFT) has  40,000 calls, nearly two-thirds of them involving complaints about identity theft. The most common complaints reported by consumers are:
· Credit card fraud -- 50% of callers report someone has opened or taken over a credit card account.
· Communications services/utility fraud -- 25% report identity thieves opening telephone or cellular service accounts or utility service accounts.
· Bank fraud -- 16% report fraudulent bank accounts and check writing.
· Fraudulent loans -- 9% report a thief taking out a loan in their name.
· Government documents/benefits – 8% reported problems with forged or fake "official" documents, such as driver's licenses, tax returns and the like

The FTC is attacking this problem on several fronts. Consumer support services include:
· The toll-free ID-THEFT hotline: 1-877-ID-THEFT (1-877-438-4338)
· A Web site at http://www.consumer.gov/idtheft
· A 21-page publication covering warning signs, prevention, and recovery measures. ID Theft: When Bad Things Happen To Your Good Name is available online at http://www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm.

To help law enforcement officials, the agency has created The Identity Theft Data Clearing House, a database of statistics gleaned from hotline calls.  The FTC may release ID Theft data on a limited basis to businesses whose practices are frequently associated with identity theft.

How Thieves Operate

Skilled identity thieves use a variety of methods to appropriate your identity. Not all of them are high-tech. They may:
· Steal your wallet or purse.
· Steal bank statements, pre-approved credit applications and bills from your mail.
· Complete a "change of address" form at the post office and redirect your mail.
· Rummage through your trash.
· Pose as someone who's authorized to obtain your credit report.
· Get access to personnel records at work.
· Find personal information at your home.
· Use information you share on the Internet.

According to FTC hotline data, 60% of callers are able to provide some identifying information about their identity thief, including names, addresses or phone numbers. More than 25% of victims report that they personally know the thief.

Protecting Yourself

Here are steps the FTC recommends to prevent identity theft:
· Don't reveal any personally identifying information until you know how it will be used and whether it will be shared. If you have a choice, keep it confidential.
· If your bills don't arrive on time, check with creditors and find out why.
· Guard your mail. Take outgoing mail to a mailbox or the post office. Remove mail from your mailbox as soon as possible after it's delivered.
· When choosing passwords for credit card, bank and phone accounts, avoid easily guessed information.
· Carry a minimum amount of ID and few credit cards in your purse of wallet.
· Share personal information by phone, mail or Internet only when you have initiated the contact or you know who you're dealing with.
· Tear up or shred charge receipts, copies of credit applications, insurance forms, bank checks and statements before you throw them away.
· Protect your personal information in your home, especially if you have roommates or employ outside help.
· Find out who has access to your personal information at work and verify that the records are kept in a secure location.
· Protect your Social Security number. Give it out only when absolutely necessary.

Getting Your Credit Report

The three consumer credit reporting agencies are:
· Equifax -- www.equifax.com
· Experian -- www.experian.com
· Trans Union -- www.tuc.com

The FTC recommends ordering all three reports. By law, you can be charged up to $8.50 per copy, but even if you pay the max, it could be the best $25.50 you spend.

The reason you want to check your credit report is to make sure no one is racking up charges by pretending to be you.