According to 2007 FTC information, 36% of complaints filed with the FTC by Marylanders were related to Identity Theft. In 2008, the Consumer Sentinel Network complaint figures for Maryland identified credit card fraud as the number one complaint (25%) and Bank Fraud ranked number two (14%).
Because you are a loyal Scam Alert viewer and you are now “consumer savvy”, I am confident you would know what to do if this happened to you! Using www.annualcreditreport.com, every four months you order a FREE credit report from one of the three Credit Bureaus (Experian, TransUnion and Equifax). You know you are entitled to one free report from each Bureau per year – so by staggering them, you are actually monitoring your own Credit Report throughout the year.
Checking your report, you look for any new accounts that have been opened without your knowledge and any inquiries from creditors (someone may be trying to open a line of credit). This unauthorized activity can signal Identity Theft. So let’s walk through what to do if (a) you receive notice of a security breach and/or (b) by receiving bills you don’t owe but in your name or reviewing your credit report, you suspect someone’s conducting transactions using your identity and hey, it’s not YOU!
Credit Card of Financial Account Numbers:
If account numbers are lost or taken, this does NOT mean you are a victim of identity theft, especially if they have no other identifying personal information such as your social or driver’s license numbers. In response to account number breach, take the following action:
•Close or have all account numbers changed
•Watch your account statements closely and report any fraudulent activity immediately.
Social Security Numbers:
Now this gets a bit more serious. Call the credit bureaus immediately and place a fraud alert with each Bureau (I strongly encourage you to call all three, don’t rely on one to notify the others though by law, they are required to do so). A fraud alert lasts 90 days and it prevents any line of credit to be opened without your permission and verification of authenticity. Then, request a FREE copy of your Credit Report to again look for inquiries or new accounts. Regardless of how recently you requested a free copy, you are entitled to another once a fraud alert is posted.
Evidence of Identity Theft – You are a Victim:
•Contact all creditors and financial institutions, requesting closed accounts and/or new numbers. Inform them you are a victim of identity theft.
•File a police report. This report entitles you to certain legal rights when it is provided to the three credit reporting agencies or to companies where your new identity is misused. This report also protects you from fraudulent information from appearing on your credit report and collection on debt resulting from the identity theft.
•You can have an extended fraud alert placed on your credit report for seven years (requires police report) but the fraud alert does not protect thieves from using your existing accounts or opening new accounts in your name that do not require a credit check (i.e., telephone, cell service, bank account).
•“Freeze” your credit report which restricts access to your report. If you are a victim of identity theft, this service is free. General consumers can do this as well but there is a $5.00 charge per Bureau report to place a credit freeze, and $5.00 fee to release it. With a fraud alert, businesses may still check your credit report – a credit freeze prevents most access to your report.
By visiting www.annualcreditreport.com or the websites of the three bureaus, you can receive step-by-step directions and resources whether you think there is potential for identity theft or you are actually a victim. But let me offer one word of caution. You will be offered the “opportunity” to purchase credit monitoring services. You are in an emotional state – you are threatened by the consequences and the all out time it will take to “fix” the problem – so companies do prey on this vulnerability.
