10 Steps You Can Take to Prevent ID Theft

Have you been a victim of Identity Theft?  If not, chances are that you know someone who has had their private information stolen.

The statistics are scary: 20% of Americans count themselves among those victims of identity theft.  In just a few hours a thief can rack up thousands in credit debt and worse yet, open additional credit accounts in your name.  You may not find out that there is a problem until you go to get a loan for a home or try to use a credit card that has been charged up by a theif.

ID Theft is not only financially problematic but also a great drain on your time.  On average it takes a person 600 hours and $1400 out-of-pocket to repair your credit and clear your name.

So, what can you do?  The answer: A great deal.

Here are a few steps to keep your identity safe.

1. Never keep your social security card in your wallet or purse.  Also do not carry your birth certificate or passport unless necessary.  Do not keep any of these items in your car either. 
2. Do NOT carry your checkbook with you as a rule.  So few retailers actually check ID and a thief can very easily run around town with your checkbook buying all kinds of goodies that they keep or sell for cash.
3. Check your credit card statements every month.  Review the charges and make sure that they are ALL items you've charged.  If you find charges you did not authorize contact your credit company immediately.  You have only so many days (typically 60) to make a claim with the credit company.
4. Ask your credit card company if they offer credit cards with photos
5. Annually you are eligible to receive FREE credit reports from each of the three credit bureaus.  Go to:  www.annualcreditreport.com.  This is one place that it is necessary to provide your social security number to verify your identity.  You can print each of the reports and then carefully scan it for any accounts that you DID NOT authorize.
6. For a small fee the credit bureaus can FREEZE your credit.  What this means is that they will not allow any third parties, such as credit lenders or other companies, to access your credit report without your consent.  Go to each bureaus’ website for specifics (www.transunion.com, www.equifax.com, www.experian.com)
7. Beware of PHISHING scams.  Do not click through on emails form your credit company and enter private information.  If you are uncertain of the validity of the email, open a window and type in the site address or call your credit card or bank.
8. If you don’t have a community mailbox that locks consider replacing your open mailbox with one that locks.  Make it difficult or impossible for your mail to be stolen.
9. Opt out of having your financial information shared by banks and brokerage and insurance companies. Federal law requires these companies to give you the right to opt out of having your information shared.
10. When you upgrade your computer take care with your old data.  Be sure to demolish your old hard drive.  Just using a software program to erase the data is not enough. 

Each item above only takes minutes but can save you hundreds of hours and thousands of dollars. 

Be safe!