Identity Theft How bad people get good credit. Lindsey Bertugli

Overview  Definition  Types of ID Theft  Recovery  Detection  Prevention  Summary

Definition  It is a crime in which an imposter obtains information, such as Social Security and driver's license numbers, and uses them for profit.  Four Common Types Financial ID Theft Criminal ID Theft Identity Cloning Commercial ID Theft

Financial ID Theft  Typically focuses on personal information like your name and SSN.  Imposter may apply for telephone services, credit cards or loans, buy merchandise, or lease cars or apartments.  Most common type of ID theft.

Criminal ID Theft  Imposter provides your information when stopped by law enforcement.  Therefore, when a warrant for arrest is issued, it has your name on it, and law enforcement comes looking for you.

Identity Cloning  Imposter uses your information to establish a new life as they work and live as you.  Used by illegal aliens, criminals avoiding warrants, and people trying to leave behind an abusive situation or poor financial history.

Commercial ID Theft  Occurs much like financial ID theft, but on a much larger scale.  Imposter gets credit cards or checking accounts in the name of the business.  The business finds out when collection notices start appearing.

Recovery  Four immediate steps that must be taken are: Contact credit bureaus Contact financial institution Contact local police department Contact the Federal Trade Commission

Credit Bureaus  Contact each of the three bureaus: Equifax, Experian, and TransUnion.  Have them put a Fraud Alert on your account.  Order a copy of your credit report from each of them.  Review your credit reports.

Federal Trade Commission  FTC's ID Theft Site FTC's ID Theft Site  FTC's ID Theft Online Complaint Form FTC's ID Theft Online Complaint Form  Consumer Sentinel Identity Theft Data Clearinghouse - Sole national repository of complaints of identity theft.

ID Theft Complaint Data of 2005  Over 250,000 complaints  PA ranked 24 th among states Philadelphia (29 th ) and Pittsburgh (50 th ) both ranked in the top 50 metropolitan areas.  30% of victims are between the ages of 18 and 29.  Most common result of ID theft, 29% of cases, resulted in credit card fraud.

Detection  As of 2005, everyone is entitled to one free credit report from each bureau.  Try staggering your requests by ordering one credit report every four months so you can keep a close eye on them.  Also, monitor your finances closely to detect identity theft as quickly as possible.

Prevention  Don’t give out your personal information. That can include: Name, address, and phone number SSN and driver’s license number Maiden names Credit or bank card numbers PINs and passwords

Prevention  Shred anything that might give someone access to your personal information. Old bank statements, utility bills, pay stubs, and ATM receipts. Expired passports, visas, and driver’s license. Address labels, junk mail, luggage tags, and used airline tickets. Pre-approved credit card offers!

Common Sense Tips  Take all your receipts home, compare them to your financial records, and then shred them.  Memorize passwords and PINs so you don’t have to have them written down.  Always check your utility bills and make sure the charges are yours.

Summary  Identity theft is the theft of personal information that is used by another person for their own profit.  Do not give out your information and destroy any unnecessary hard copies to prevent theft.  Use your credit reports to detect possible identity theft.  Report identity theft immediately.

Resources   tm tm  pdf pdf  im.html im.html  

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