Be Proactive in Preventing Identity Theft
Paul Wilcox
According to statistics from 2006, identity theft happens to more than eight million people a year. As a result, there are a slew of companies offering services to prevent identity theft. There ARE measures that the average person can take though that will help prevent identity theft. This includes protecting your privacy, and your personal information, shredding mail and financial documents, and monitoring your credit diligently. You might also consider purchasing identity theft insurance. It won't stop identity theft from happening, but it will prevent theft from taking over your savings and ruining your credit.
How to Guard Your Privacy
Most people don't know their rights with their privacy information, nor do they know how companies treat their personal data. Most people are aware that they shouldn't give out personal information through an emailed link or through a telemarketer. But, it is still a challenge for most people when they are faced with an "official" sounding company who is asking for personal information. Of course, identity theives are aware of this- they are impersonating collections agencies, good will agencies, and medical facilities. When someone is on the phone pressuring you that a loved one is in danger, or your house may be foreclosed on, you are faced with conflicting feelings when they are asking for your social security number.
Shred Your Mail
Bank and credit card statements aren't the only types of documents that you should shred to prevent identity theft. Purchase a crosscut shredder and destroy any financial statements you don't need for taxes, any offers for credit that come in your name, and utility bills once they are paid. By shredding these documents in a crosscut fashion you greatly decrease the chance that a dumpster diving identity thief will get their hands on your information, and take a big step towards preventing identity theft.
Always Monitor Your Credit Reports
A new law that took effect a few years ago entitles every consumer to one free annual credit report from each of the three major credit reporting bureaus: Experian, Trans Union, and Equifax. If you choose to space your reports, you can obtain a credit report every four months. Monitoring this information on your credit report is a huge step in keeping identity theft from happening to you.
Consider Purchasing Identity Theft Insurance
While identity theft insurance won't 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 don't 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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