Imagine waking up in the morning to find that your worst nightmare has come true. Yes, someone has stolen your identity and in doing so has turned your life upside down.
Is identity theft really that serious? You'd better believe it. If your identity is stolen it means that someone else is spending money, building up debts and committing fraud - all in your name.
The ramifications of this can be severe. As a result of this other person's actions you can be refused employment, have your credit rating reduced to tatters and possibly even be arrested for crimes you didn't commit.
And how long will it take for you to get out from under if this happens to you? Well, you can spend years paying back the debts and battling to restore your good credit rating and reputation.
A recent survey by the Federal Trade Commission found out that 4.6% of Americans have been the victim of identity theft in the past year. And all of the evidence suggests that this is most definitely a crime that is on the increase.
The average cost of clearing up identity theft ranges from $500 to $1200 on current evidence. It is also a fact that it takes the average person about 30 hours of their time to clear up the issue by reporting the crime to relevant agencies.
Finding out how thieves get access to enough of your personal information to commit identity theft is the first step to reducing the chances of identity theft happening to you.
A lost or stolen wallet is a major cause of identity theft. If a couple of bills you expected to receive have gone missing, that could be another indicator that your identity has been compromised. Credit card bills, credit card offers and documentation that contains your Social Security Number are all documents that can allow the unscrupulous to gain unauthorized credit or commit fraud in your name.
A very good piece of advice is to invest in a paper shredder. You should never dispose of credit card statements, bank statements or similar financial documents without shredding them first - if you do you're just asking for trouble.
If you are the victim of identity theft you must immediately report it to one of the three major credit bureaus. You only need to inform one of them - that one will inform the others.
The three bureaus are:
Equifax: 1-800-525-6285
www.equifax.com P.O. Box 740241, Atlanta, GA 30374-0241
TransUnion: 1-800-680-7289
www.transunion.com Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
Experian: 1-888-EXPERIAN (397-3742)
www.experian.com P.O. Box 9532, Allen, TX 75013
About The Author:
For more information on the forms that identity theft takes, precautions you can take to minimize your exposure and what to do about if the worst happens and you become a victim, check out http://www.identity-theft-protection.no1-source.com
