Understanding Identity Theft

What is identity theft:

Frauding someone's identity is definitely a serious criminal offense. A stolen identity takes place when a person makes use of personal details about you without your consent. When someone steals your identity, they usually also take your bank card account information, use your social security number, utilize your name as well as your living address for fraudulent things. Understanding identity theft is very important. By understanding identity theft could give you the advantage. You can protect yourself financially from identity theft.

Should I care if my identity is stolen:

Absolutely yes. When your personal information is hacked, that person is able to do anything. They could apply for credit cards, use your financial records to get money, steal your tax refund check, get a phone in your name, etc. In other words, whatever the criminal does when utilizing your information, you are going to be held accountable for all of their actions. Unfortunately, even if you have never seen a bill or statement, you are still responsible. That company does not know your personal data was stolen so they will also hold you accountable for all funds that are due. Until you can prove identity theft, all bills should be paid to clear your name. This is hard understanding identity theft if you do not know about it.

But how can this be possible:

You must understand that in this economy, anything is possible. In order to obtain personal information about you, a crook will do just about anything. Especially to get their hands on documents. A lot of times, people throw away bank statements with account numbers on them. Do not throw away bills that might has your social security number on it or even credit card applications. Some people might even be smart enough to fool you into submitting your personal information online. These fraud people will send you applications through an email or correspondence. All the crook has to do is apply for any type of financial card with your information. Once they enter your information that they retrieved from your garbage, they can have the statements sent directly to their house. You would never know that your credit is being ruined by a criminal. This is why you should have your credit checked periodically. The criminal will be using your money and not caring what happens to you financially. Again, this is why understanding identity theft is very important. You could save your credit and your money by fully understanding identity theft.

How will I know if my identity has been stolen:

There are several ways you are able to find out if your identity has been stolen. Check your financial records. Make sure nothing looks out of place as well as know how much you have in your bank account. Also pay attention to your statements. Know what you have purchased, the date you bought the items and the location where the items were purchased from. If you have a post box, are you getting all of your mail correctly? These are things I would pay attention to especially if you think something is out of the ordinary.

What is a credit report:

Whenever you are checking your credit score, you will receive a credit report with information that states your full name, your physical living address, your social security number, current loans, and credit or bank cards. It will also give you an analysis of your entire credit score rating as well as your debt.

Am I able to fix my credit report:

Yes. You are able to make amends to your credit score. It is not going to be a fast or easy process to go through either. Once you have reviewed your report, obtain all the information that is considered to be fraudulent. You must notify these companies that your identity has been compromised or you should be able to dispute the charges that were made. The business might have you show proof that you are the real person claiming these actions. But in the end, you are only helping to protect yourself. Understanding identity theft can provide you with lots of information. This will better help you in understanding identity theft and how to prevent it from happening to you.

How can I protect myself:

You are able to decrease your chances of having your identity stolen. If you are out shopping, always hold your purse close to you. Never set your purse down to where someone has the advantage of walking away with it. If you purchase a lot of things online from a website, make sure that site is secured. Do not submit your personal data is it does not look like it is secure properly. Also, if you have a bank card, credit card or password to an account, try making the password something that is not common. You do not want someone to get their hands on your cards and correctly guess your PIN number. If you are wanting to keep financial documents or forms that have personal data on them, put them in a safe and secure place that nobody knows about. By understanding identity theft, you could avoid these types of situations.

Submitted On July 7, 2013. Word count: 731

This information provided by America Loans.