Identity Theft

The alarm over identity theft has increased dramatically over the years. This is because thefts of this type have gone up considerably. During 2005, nine million cases of this type of theft were reported in the United States. As technology grows, so do the tools that this type of thief uses and so does the risk that you may become a victim.

Identity theft is not limited to just credit or debit cards or regular ATM cards. A person who successfully steals your information can use your identity in a number of different ways.

One such way that your stolen identity can be used is by obtaining utilities in your name. This can be easy if it’s done in another state, where you won’t learn of the theft unless that person defaults on their payments. Defaults of this type are not always reported right away and may not be listed on your credit report until a collection agency gets involved. This gives thieves plenty of time to move on to the next state and do it all over again. Because utility companies will stop service after a short amount of time, the bill might be limited to a few hundred dollars. However, if done repeatedly, that amount can grow to thousands of dollars.

Another way that a person can use your identity is to obtain a mobile phone. Airtime minutes that go over the program’s limit are extremely expensive. A thief can literally run up thousands of dollars on one month’s phone bill.

Your stolen identity can also be used for paid internet sites, like pornography. These are also expensive charges and since the website can’t verify that it’s actually you using the card, they will attribute those charges to you and the issuing creditor will demand payment.

Many thieves use your identity to obtain fraudulent checking accounts. They will then proceed to write checks that have amounts over the balance in the accounts. Now you can be charged with not only the overdraft, but all the expensive fees that come with them. Writing bad checks is against the law in many states, so you could even be subject to prosecution.

If a thief has successfully stolen your identity and has managed to use your account for a period of time, they may even go so far as to file for bankruptcy. A bankruptcy attributed to your name will last for up to a decade on your credit report and hinder you from obtaining credit for a long time to come.

This is why it’s important to take every step possible to protect your identity. Just like you only get one life, you get one identity, so make sure that it only belongs to you.

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