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Protecting Yourself from Identity Theft
Your Credit Rating is an important asset for your financial well-being. Whether you have a good credit report and a bad credit report can make a big difference opportunities and options available for you. If you do not have good credit, you may have difficulty opening a checking account, renting a car, or obtaining loans.
With your credit, you are NOT guilty until proven innocent. Rather, a creditor can say that you were delinquent or lax in your payments, and this is put on your credit record. As a result, you need to prove that you were not in the wrong. This is especially disturbing if someone steals your identity; even if you are innocent, you will be responsible for going to court, getting documentation, and clearing up the bad credit. Therefore, taking precautions against identity theft is worth the time and effort.
How to Protect Your Credit
- Buy a shredder. You should shred any paperwork that has personal information before you throw it away. Dumpster-diving (looking through garbage for personal information) the method most commonly used by identity thieves to obtain personal information. The items you shred should include
- credit card applications
- credit card receipts
- paystubs
- bank statements and deposit receipts
- utility bill stubs
- old tax returns
- everything that has your SSN number on it
- Get your credit report at least once a year. There are three CRAs (credit reporting agencies), and it is worthwhile to get a report from all three:
Experian (formerly TRW)
Report fraud: (888) EXPERIAN, (888) 397-3742.
By Fax: (800) 301-7196.
Or write: P.O. Box 1017, Allen, TX 75013
Equifax
Report fraud: (800) 525-6285
Or write: P.O. Box 740250, Atlanta, GA 30374
Trans Union
Report fraud: (800) 680-7289.
Or write: P.O. Box 6790, Fullerton, CA 92634.
Make sure all of the credit lines on the report are yours. Also, make sure there were not excessive inquiries made on your account; if you did not make the inquiries, someone else may be trying to get credit in your name. You should also look for old credit, such as closed accounts. If there has been no activity on an account for seven years, it should not be on your report.
- Lock your paperwork. Use a LOCKING file cabinet. It is also essential to rent a safety deposit box. any credit card receipts.
- Ask to have your name removed from mailing lists. If less “junk mail” such as pre-approved credit cards come to your mailbox, the better chance you have for someone not to get a hold of it. Some identity thieves will also steal pre-approved applications out of your mailbox. Write to:
Mail Preference Service
Direct Marketing Association
P.O. Box 9008
Farmingdale, NY 11735
or
Experian Consumer Opt Out
701 Experian Parkway
Allen, TX 75013
1-800-353-0809
Taking the time to protect yourself from identity theft will save you time, money and worry.
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