What Is Identity Theft?

Identity theft happens when someone, without your permission,  uses your personal identification information, such as your name, credit card number, or Social Security number to commit fraud or other crimes.

The FTC (Federal Trade Commission) estimates that approximately 9 million Americans have their personal identities stolen every year.

Many times, the victim may not discover the theft until they are contacted by a debt collector, or they notice changes they didn't make on their credit card statement or until they review a copy of their credit report. 

With the stolen information, the Identity thieves might rent an apartment, set up a telephone account using your name, or obtain a credit card.  

Identity theft is serious business. Some identity theft victims might be able to resolve their problems in a short time while other victims may spend many days and hundreds of dollars trying to repair the damage done to their name and credit record.

Some identity theft victims may be denied a loan (for housing, education or a car) or they may lose out on a job opportunity, all because of the negative information that has been placed on their credit reports. In some cases victims might even be arrested for a crime they did not commit.

How Long Could You Be Plagued by the Effects of Identity Theft?

It is very hard to predict how long you might be troubled with problems caused by an identity theft.  The time span depends on several things, including:

• How soon the thief is caught
• The type of theft
• Whether the thief sold (or passed on) your information to other thieves
• Problems that you might have in getting your credit report corrected.

In the first year of the theft, victims should review their credit reports once every three months,  and then  once a year there after.  Victims should also monitor their financial records for several months after they have discovered the crime.  Above all, stay alert for other signs that point to identity theft.

As soon as possible, contact all the companies that had fraudulent accounts that were opened in your name.  Also, get your records corrected as soon as possible.  Initially, contact everyone by phone so you can have the matters corrected immediately and then later, send a follow up letter.

The longer any false information lingers, the longer it will take to resolve everything.
 

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