How to Identify Identity Theft

Do not let an identity thief drive you to bankrupcy.

The crime of identity theft involves the wrongful taking of another person's personal information to create fraud or deception. Usually the purpose of identity theft involves a criminal's attempts to gain money or property by assuming another person's identity and using that other person's credit card information, bank account number and Social Security Number. While the best method of avoiding identity theft involves preventing it from occurring, learning to identify early signs of identity theft can aid in finding the thief and stopping his activities to avoid a large debt.

Instructions

1. Look for warning signs that indicate you may have been a victim of an identity thief. Be cautious of phone calls and letters from debt collection agencies regarding items and services you or a family member did not purchase. Also watch for mail from credit card companies containing cards for which you did not sign up.

2. Know when your bills arrive each month and alert yourself to any bills that do not show up on time. This could indicate the thief now controls your account and transferred the account to her own billing address.

3. Watch every bill, credit report, bank statement and other important letter and document to ensure that no errors are present in any of your personal information. Should you become an identity theft victim, a thief may change this information on any of your important documents.

4. Monitor your credit score. While numerous credit inquiries in a short time lowers your credit score, perform a yearly check on your own to make sure your credit does not drop unexpectedly for any reasons you cannot explain. National laws govern that reporting agencies provide you with free, yearly copies of your credit report, upon your request.

5. Watch all bank account statements, credit card bills and loan statements for unidentifiable charges that a thief incurred on your accounts. Keep track of all receipts you receive for anything you purchase with checks, debits or credit cards.

Tips & Warnings

• Immediately seek a credit check or speak to the police if you notice any signs of identity theft.

• Consider signing up for a credit monitoring service that monitors your credit reports and charges a fee to keep close watch on identity theft warning signs.

References

• The United States Department of Justice: Identity Theft
• Federal Trade Commission: Detect Identity Theft

Resources

• USA Today: Act Now to Prevent Identity Theft