Identity Theft Protection: Identity Theft Protection

Many people ask the question, "When is it safe to stop monitoring my credit?" Based on facts cited in the 2003 Identity Theft Survey Report, sponsored by the Federal Trade Commission**, the answer would appear to be, not anytime soon.

The primary reason for this is the fact that the incidence of identity theft is increasing. The number of identity theft victims who reported the misuse of their personal information almost doubled over the past two years. In the past year alone, approximately 10 million Americans discovered they had been victims of identity theft. An even more alarming fact is that despite this huge increase in identity theft cases, there are still millions of people who are not monitoring their credit.

Identity theft can occur in many forms and make a victim out of anyone, regardless of income or credit status. Criminals can obtain information from a lost or stolen wallet, checkbook or credit card. They can steal mail or even use the information provided while making a purchase - whether in person, over the phone, by mail or via the Internet. They can then apply for credit cards and bank loans and set up a checking account in the victim's name. A startling fact is that in 34 percent of cases where the thief opened a new account or committed fraud other than credit card fraud, the victim knew the identity of the thief. That's why it is so important that you, and only you, have access to your credit report and monitoring updates.

Does your monitoring service require secure passwords for you to gain access to your credit report information? If not, you might want to reconsider your current service – unauthorized access to your personal information could result in identity theft.

The consequences of identity theft can sometimes be overwhelming, especially when you consider that the total cost of identity theft is approaching $50 billion a year, with the average victim losing $4,800. That's a lot of money to spend for someone else's criminal activity. Then, of course, there's the time required to repair the situation. Depending on how early the crime is discovered, it could take up to 240 hours to repair the damage.

That's 10 full days to try to get your finances and good name back on track! Typically, the earlier the illegal activity is discovered, the less time it takes to resolve the problem.

Does your monitoring service provide "alerts" if someone inquires into your credit or if new accounts are opened in your name? Make sure your service provides timely updates so you know who has been looking at your credit and what they might be doing to it!

Another significant result of identity theft is the impact it can have on one's credit status. Over 35 percent of identity theft victims experience difficulty obtaining or using a credit card and often are turned down for loans. They may also encounter problems when opening a bank account or cashing checks. This can be devastating to people who have spent years establishing good credit and who count on their solid credit to help ensure their financial future.

Does your monitoring service provide unlimited access to your credit report? In order to properly monitor your credit, you should be able to access an updated report at any time - via the mail or the web.

Knowledge Is Power
Knowledge is power over the identity thief. The earlier you learn of any suspicious activity occurring with your credit, the sooner you can put a stop to it. This knowledge can save you a lot of time, money and aggravation down the line. Fifty-two percent of identity theft victims said they discovered the misuse of their personal information by monitoring their accounts. This monitoring also included examining monthly statements from banks and credit card issuers. That's why it is so important to keep an eye on your credit and maintain this surveillance with a monitoring service. It's one of the best ways to protect your credit and stop identity thieves in their tracks.

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**All statistics are cited in the 2003 Identity Theft Survey Report sponsored by the Federal Trade Commission and prepared by Synovate, www.synovate.com.

Identity Theft Protection - Rule No. 1: Monitor Your Credit