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The technology we have permits us to
conduct business, and transactions, and purchase nearly anything we want
in a matter of seconds....
Unfortunately because of this
wonderful technology and the abundance of readily accessible personal
information, identity theft has become more prevalently. According to
the Federal Trade Commission in 2003, approximately 27 million Americans
have fallen prey to identity theft since 1999, with approximately 10
million people in the United States reporting being victimized in 2003
alone.
Having your identity stolen doesn’t necessarily mean that someone has
simply stolen your credit card and that your credit card company will
render aid. Nearly 60% of identity theft issues do not pertain to
existing credit card accounts. When my identity was stolen, I never knew
until the sheriff pulled up in my driveway with a warrant for my arrest!
The person who stole my identity had set up new accounts. In many cases
Identity thieves will open new lines of credit in their victims name
including credit cards and bank loans, as well as through phone/utility
companies and even employment. As part of the individuals sentencing,
they had to divulge how they stole my identity. In my case, the
individual obtained a discarded credit card application that I had not
shredded. I now shred every document. Our personal information is
susceptible through so many avenues; we are all at risk and must do
everything possible to protect ourselves.
It has taken over ten years to finally straighten out the damage done to
my credit. For the person who stole my identity---I smiled as she was
convicted and sentenced to prison.
What can you do if this happens to you? The first thing you should do,
is immediately seek legal advice. Do not hesitate, thinking that the
bank or credit card company will help you. If you do not have a personal
lawyer, then legal services such as Pre-Paid Legal Services®, Inc who
has been a pioneer in the legal services industry and has teamed with
Kroll Inc is an excellent place to start.
Kroll Inc. has assisted corporations, as well as government agencies and
individuals reduce their chance of risk for more than 30 years. Kroll is
part of Marsh Inc., the risk, and insurance services, which is a
subsidiary of Marsh & McLennan Companies, Inc. They have offices in more
than 60 cities across the United States as well as overseas. In the last
few years, Kroll has developed Identity Theft Shield benefits for those
victims of identity theft, which is available to Pre-Paid Legal members.
This service helps you to access resourced to help you understand your
credit ratings and fight back if you become a victim of identity thief.
However, there are things that you should already be doing in order to
protect yourself against identity thief.
Ensure Your Financial Records are Accurate:
Your credit rating is possible the most important financial asset you
have for it affects your ability to acquire credit, dictates the
interest rates you will be offered if you borrow money, affect your
ability to purchase insurance, as well as find employment. Today
increasing numbers of insurance companies and employers are using credit
ratings to measure a perspective employee sense of responsibility. To
ensure your financial records are correct, it is recommended that you
yearly request a report from all three reporting agencies, Experian,
Equifax, and TransUnion.
Your credit score or rating comes from the information contained in your
credit report. This score is what lenders use to determine your credit,
the higher your credit score, the better the chance of being approved,
and the lower interest rates you will be offered.
Continuous Credit Monitoring:
By reviewing your credit report yearly, you can catch any catch any
accounts that have been opened falsely an immediately take action. Every
four months I pull my credit report from one of the three agencies
Experian, Equifax, and TransUnion. I will normally request a report from
Equifax in January, then one from Experian around April, and one from
TransUnion in September. This way, I will be aware of suspicious
activity before my credit is ruined again. It only takes a professional
thief a few hours to assume your identity, but it could take you several
years to repair your credit standing. Trust me on this---Been there!
Early detection is the number tool to combating, minimizing, and then
repairing any damage caused by identity thieves if your name is stolen.
Through programs such as Identity Theft Shield membership, offered by
Pre-Paid Legal Services®, your credit activities are monitored daily
through Experian, who will alert you to any suspicious activity. In
addition, you are notified if any new accounts are opened in your name
or if there are any negative notations added to your credit report. This
gives you quicker opportunity to address these issues and restore your
good credit.
Restoring your Credit:
Any discrepancy on your credit report has to be addressed at once. If
you are enrolled with Identity Theft Shield, contact their customer
service department immediately. If you are not enrolled with Identity
Theft Shield, then call the issuer of the credit card and inform them of
the discrepancy. If an account has been opened in your name
fraudulently, contact your bank and all major credit repositories and
inform them of the fraud at once. You will also have to notify the
Federal Trade Commission, the Social Security Administration, and the
United States Postal Service, as well as your employer. If you have
Identity Theft Shield, then Kroll will work with these bureaus,
creditors, and collection agencies to restore your credit. They will
also work with law enforcement, the department of motor vehicles, and
other organizations to resolve your identity theft issues. If you are
not enrolled with a program such as Identity Theft Shield, then you or
your lawyer will have to contact these agencies. It is also recommended
that you file a police report if your identity has been stolen.
The average victim of identity theft will spend approximately 600 hours
and over $1,500 of out-of-pocket expenses to repair their credit. I can
honestly say that I spent over 400 hours, time I lost from work, plus
attorney’s fees because of the time my identity was stolen I did not
know about Identity Theft Shield. Pre-Paid Legal's Identity Theft Shield
is not a free service. However, for a minimal monthly fee, which will
cover you and your spouse, it gives you the security of knowing Pre-Paid
Legal service will fight to repair your credit if you ever fall victim
to identity theft. For more information about Pre-Paid Legal or Identity
Theft Shield, call toll-free 1-877-711-1264.
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