History Of Identity Theft

Simple Steps You Can Take To Stop Identity Theft

identity theft happens to more than eight million people annually, according to statistics from 2006. This has caused an onslaught of companies offering services to prevent identity theftfor a price. There are measures that the average consumer can take on a day-to-day basis that will go a long way to preventing identity theft. These measures include guarding your privacy and personal information, shredding your mail and outdated financial documents, monitoring your credit reports, and possibly purchasing identity theft insurance which wont stop identity theft from happening to you but will prevent identity theft from eating up your savings and ruining your credit for a long time.

How to Guard Your Privacy

Too many people dont know their rights when it comes to giving out information or even demanding to know how companies are treating their personal data. While most people know it isnt a good idea to give out personal information through an email link or to a telemarketer over the phone, it is still a challenge for most people to take a stand in order to prevent identity theft when faced with an official sounding demand for personal info. Identity thieves know this and have started impersonating medical facilities, collections agencies, and even the Red Cross. When someone (the thief) is on the phone claiming that your loved one is in danger or that your house may be foreclosed on if you dont confirm your social security number immediately, it is difficult to ignore your panic and say no, not over the phone.

Be Sure to Shred Your Mail

You should shred all financial documents that you don’t need for your taxes- bank and credit card statements, offers for credit cards that come in your name, utility bills, etc. Purchase a crosscut shredder for the most security. By shredding documents this way, it will decrease the chance that someone will steal your documents from your information.

Monitor Your Credit Reports

Thanks to a new law that took effect a couple of years ago, every consumer is eligible to receive one free annual credit report from each of the three major credit reporting bureaus, Experian, Trans Union, and Equifax. By spacing your requests, you can obtain a free credit report once every four months. By carefully monitoring the information on your credit report, you can help prevent identity theft from happening to you.

Purchase Identity Theft Insurance

While identity theft insurance wont really prevent identity theft, it can make picking up the pieces afterwards much less devastating. Usually a policy will cover out-of-pocket expenses, including loss of wages while you clear up your credit history, as well as any charges that you are liable for. Most companies dont hold you responsible for charges made by an identity thief but its always better to be safe than sorry. Identity theft insurance policies are reasonably priced at about $25-$50dollars a year for $15,000 to $20,000 in coverage.

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