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MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up © 2009.

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Presentation on theme: "MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up © 2009."— Presentation transcript:

1 MoneyWi$e: ID THEFT & ACCOUNT FRAUD ID Theft & Account Fraud Prevention and Clean Up © 2009

2 MoneyWi$e: ID THEFT & ACCOUNT FRaud What you will learn  During this presentation you will learn: The effects of ID theft and account fraud How ID theft and account fraud happen How to avoid becoming a victim How to recognize when fraud has occurred Steps to take if you come a victim About helpful resources

3 MoneyWi$e: ID THEFT & ACCOUNT FRAUD What is ID theft?  When someone steals another person’s personal information to commit fraud Open credit cards, buy goods Take out loans Get cell phones Open bank accounts Seek employment  What else can an ID thief do?

4 MoneyWi$e: ID THEFT & ACCOUNT FRAUD It pays to prevent ID theft  Victims spend an average of more than 100 hours recovering from ID theft.  It is estimated that victims of ID theft spend an average of $1,865 to clear their names if the crooks opened new accounts

5 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Through no fault of their own, victims face  Increased credit card fees  Higher interest rates  Higher insurance premiums  Closure of bank accounts

6 ID theft and the Deceased  Notify the Social Security Administration: A family member can make a report directly to an SSA representative by calling  Notify the credit bureaus: To flag the credit file of a person who is deceased, the surviving spouse or executor must notify credit bureaus in writing. MoneyWi$e: Rebuilding Good Credit

7 When Your Child’s Identity is Stolen  What is Child identity theft? Child identity theft happens when someone uses a minor child’s personal information, such as name and Social Security number, usually to obtain credit, services or employment.  What are signs that my child may be a victim? Bills, credit cards or debt collection calls to your house in your child’s name may be signs of ID theft.  What can I do if my child is a victim? If you suspect that your child’s information has been used fraudulently, you should notify the three major credit bureaus. MoneyWi$e: Rebuilding Good Credit

8 Fraud alerts  Add a fraud alert to your report Initial alert—90 days Extended alert—7 years Additional free credit reports  When alerts are in place, allow time when applying for new credit Instant credit won’t work MoneyWi$e: Rebuilding Good Credit

9 What’s a Security Freeze?  Makes credit file off-limits to anyone requesting it from three major credit reporting agencies  If creditor can’t evaluate the borrower’s credit history, the credit request will be denied  Your credit file remains available to you, existing creditors, law enforcement and government agencies

10 How to Freeze Your Credit File  Freeze with all 3 credit reporting agencies  Submit required documentation  Pay fee, if required  Both spouses must freeze to be fully protected  Receive confirmation letter and Pin/Password MoneyWi$e: Rebuilding Good Credit

11 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Credit reports  Check your credit reports regularly.  Free credit reports can be obtained once a year from each of the 3 credit reporting agencies: Equifax Experian TransUnion

12 MoneyWi$e: ID THEFT & ACCOUNT FRAUD Free credit reports  Annual Credit Report Annual Credit Report, Request Service, PO Box , Atlanta, GA

13 Specialty Consumer Reports Fair Credit Reporting Act Fair Debt Collection Practice Act FACTA MIB Prescription Drug Histories Tenant History Background Check Insurance Chex Systems Person Report

14 MoneyWi$e: Rebuilding Good Credit Medical Information Bureau (MIB)  The Medical Information Bureau (MIB) compiles and maintains records concerning individual life, health, long-term, and disability insurance.  To obtain a copy of the MIB report, visit:  Phone:

15 MoneyWi$e: Rebuilding Good Credit Prescription Drug Histories  IntelliScript and MedPoint are databases that report prescription drug purchase histories.  IntelliScript phone:  MedPoint phone:

16 MoneyWi$e: Rebuilding Good Credit Residential Tenant Reports  ChoicePoint and First Advantage Save Rent are two agencies that compile residential and tenant history, including evictions.  ChoicePoint phone:  First Advantage phone:

17 Check Writing History There are three major companies that report on check writing history: ChexSystems, SCAN, and TeleCheck. ChexSystems phone: SCAN phone: TeleCheck phone: MoneyWi$e: Rebuilding Good Credit

18 Employment Background Check  ChoicePoint also does background checks.  ChoicePoint phone:  ChoicePoint address: ChoicePoint Workplace Solutions P.O. Box Atlanta, GA 30348

19 Employment Data Reports  The Work Number Employment Data Reports maintains information on approximately 25 million employees.  MoneyWi$e: Rebuilding Good Credit

20 Insurance Claims Reports  Reports that tell insurers about claims you have made against your homeowner’s or automobile insurance are prepared by ChoicePoint and ISO.  Contact: ChoicePoint Clue Report at  Contact: ISO A-Plus Report at MoneyWi$e: Rebuilding Good Credit

21  Consumers can order a copy of their “Person Report,” found in LexisNexis’ Accurint services by using the form located online.  personal-information.aspx. personal-information.aspx LexisNexis Person Report

22 MoneyWi$e: Rebuilding Good Credit  The ChoicePoint Full File Disclosure includes data from a consumer’s specialty reports and public records. To order your report, read instructions located online.  CP-File- Disclosure-Request-Form ChoicePoint Full File Disclosure

23 What does “adverse action” mean?  You are denied insurance because of a claim reported.  Your existing insurer increases your premiums.  You are turned down for insurance because your credit file is too thin. MoneyWi$e: Rebuilding Good Credit

24 How do I file a dispute  Must investigate within 30 days after the dispute is received.  Within 5 days must notify the company of disputed information.  Must remove the disputed information, if, after investigating, the information cannot be verified.  Must send you a written notice not later than 5 days after the investigation is completed.  Must notify you within 5 days if information you disputed is reinserted. MoneyWi$e: Rebuilding Good Credit

25 Know Your Rights  Dealing with collection agencies.  If you don’t pay a debt, the company to whom you owe money might hire a collection agency. Collection agencies get a cut of the debts they collect.


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