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Reason #1: Identity Theft
Identity theft is where another individual assumes your identity for the purposes of fraudulently obtaining credit under your name. Incidents of identity theft have risen dramatically as criminals discover that it is far easier to steal money and merchandise using someone else's name than to rob a bank. In fact the Federal Trade Commission (FTC) recently reported that cases of identity theft doubled in the year 2000!

Unfortunate soles who have had their identity stolen report nightmarish tales of ruined credit and years of hassles tying to clear their good name. Some victims have even been arrested as the result of bad checks written years ago by identity thieves.

Catching ID theft early is critical to minimize and repair damage. The FTC states that the best ways to catch identity theft is to regularly check your credit record. Order your credit report from each of the three major credit bureaus each year and make sure all the information is correct. They also, follow up with creditors if your bills do not arrive on time. A missing credit card bill could mean an identity thief has taken over your credit card account and changed your billing address to cover his tracks.

Types of Identity Theft in 2000

Credit Card Fraud

50%

Unauth Phone or Utility Service

25%

Bank Fraud

16%

Fraudulent Loans

Stolen Govt Benefits

Source: Federal Trade Commision

How Identity is Stolen

Theft of Wallet or purse

47%

Mail Theft / Fraudulent Address Change

23%

Compromised Job/ Loan Application

Compromised Employment Records

Theft on Premises

Internet Solicita- tion/Purchase

Financial/Credit Institution

Telephone Solicitation

Other

Source: Federal Trade Commision.

The FTC offers these additional tips to guard against identity theft:

Before revealing personal identifying information, find out how it will be used and if it will be shared with others. Ask if you have a choice about the use of your information: can you choose to have it kept confidential?
Pay attention to your billing cycles. Follow up with creditors if bills do not arrive on time.
Give your Social Security number only when absolutely necessary. Ask to use other types of identifiers when possible.
Minimize the identification information and the number of cards you carry to what you actually need. If your I.D. or credit cards are lost or stolen, notify the creditors by phone immediately, and call the credit bureaus to ask that a "fraud alert" be placed in your file.
Order a copy of your credit report from the three credit reporting agencies at least once a year. Make sure it’s accurate and includes only those activities you’ve authorized.
Keep items with personal information in a safe place and destroy documents you don’t need them anymore. Make sure charge receipts, copies of credit applications, insurance forms, bank checks and statements, expired charge cards, and credit offers you get in the mail are disposed of appropriately.

For more information on identity theft visit the FTC's site.

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