Identity Theft

Identity theft has become an increasingly rampant crime. As more people are beginning to safeguard their identity, credit card companies are paying attention. Many credit card companies are trying a new form of insurance, identity theft insurance. The credit card companies have recognized the possibility of many lost customers due to identity theft and have begun to work towards a solution.

Step One: Awareness

Becoming aware that there is a problem is the first step towards solving it.

> Recognize signs of possible identity theft including increased activity, over limit charges and lost cards.

> Pay attention to your credit report by checking it often and disputing information you are unsure about.

> Shred papers and documents that can be used to identify you or accounts, including social security numbers, account numbers, name and address before disposing of them.

> Understand that identity theft happen to anyone!

Step Two: Insurance Benefits & Types

Credit card companies have taken steps to try and help prevent identity theft through advertising, suggestions and now they are offering identity theft insurance. There are many benefits to having identity theft insurance including protection from excess charges. Some of the types and benefits of the new insurance plans are:

> Credit bureau report monitoring.

> Automatic fraud flagging for suspicious activity. These flags generally result in your card being frozen until you have been spoken with.

> Protection against fraudulent charges made after $50.

> Inexpensive, prices are generally $20-$30 per year for $10,000-$25,000 in coverage.

> Credit repair help. Companies offering insurance will also help you to restore your credit and file proper paperwork.

Identity Theft Without Coverage

Without some type of identity theft insurance on your credit accounts you are far more vulnerable to charges that are made fraudulently. You may have no protection from identity thieves should they use your debit or credit card accounts. That is what is beginning to happen around the country. Credit account companies are trying to help prevent identity theft with making sure their customers are well informed and giving them a chance to purchase identity theft insurance just in case. Soon if you do not protect yourself with some form of identity theft insurance you may end up liable for more than only partial charges. Regardless of how much insurance you purchase, there is no way to overcome the sense of loss you may feel should your identity be stolen. It is a violation unlike any other. The best thing you can do is learning about effective ways to protect your identity against theft. Following suggestions given to you by the FTC, your credit card companies and credit reporting bureau may prevent or at least make it less likely you will be a victim of identity theft. Eventually most credit cards will no longer offer the help they do today unless you have purchased some type of identity theft coverage. Until then it may be worth your time and energy to ask about coverage availability and benefits on your accounts.