Educational Resources: Your Credit
Home |
What is a Credit Report? |
How to Get a Copy of Your Credit Report |
How to Read a Credit Report |
Build and Repairing Credit |
Glossary |
Resources
Identity Theft
Identity theft occurs when thieves take personal information about you, such as
your Social Security number, birth date or credit card numbers.
The thieves might then open a new credit card account using your name, birth date,
and Social Security number, or open a new bank account in your name. If bad checks
are written or bills are not paid, it will show up on your credit report.
The following points are recommendations from the Federal Trade Commission (FTC)
to minimize the risk of identity theft.
Before you reveal any personal information, find out
how it will be used and whether it will be shared with others.
Pay attention to your statements. If your bills don't arrive on time, contact your
creditor. A missing credit card bill might mean the identity thief has changed your
billing address and is using your account.
Guard your mail from thieves. Pick up your mail from your mailbox as soon as possible.
Place outgoing mail in post office collection boxes.
Do not give out personal information over the phone or through the mail unless you
have initiated the contact and know with whom you are dealing. Thieves may pose
as bankers, government officials, or others to get you to reveal your Social Security
number or bank account numbers.
Keep items with personal information safe. When you throw away receipts, credit
card applications and old checks or statements, shred them.
When you make up your Personal Identification Number (PIN) for your ATM, credit
or debit card, don't use something a thief might guess, such as birth date, Social
Security number or phone number.
Order a copy of your credit report every year. Catch mistakes and fraud before they
ruin your personal finances.
If you feel you are a victim of identity theft, you can call the
Federal Trade Commission's or FTC's Identity Theft Hotline at 1-877-IDTHEFT (438-4338).
The FTC also recommends that you:
• Contact the fraud department of the three
major credit reporting agencies. Tell them you are an identity theft victim. Ask
them to place a "fraud alert" in your file. Ask for a copy of your credit report.
They must give you a free copy of your report if your report is inaccurate because
of fraud.
• Contact your creditors about any accounts that have been changed or
opened fraudulently. Ask to speak to someone in the security or fraud department.
• File a report at your local police station. Get a copy of the police
report, so you have proof of the crime.
Remember to take action immediately! Keep records of your conversations: include
the date, the name of the person you spoke with, and all correspondence.
For more information regarding identity theft, check out these web sites:
• http://www.consumer.gov/idtheft
(1-877-438-4338)
• http://www.fraud.org
(1-800-876-7060)