ID Theft FAQs

 

What is identity theft?
Identity theft occurs when someone uses your personal identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.

The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft.
The crime takes many forms. Identity thieves may rent an apartment, obtain a credit card, or establish a telephone account in your name. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn’t make—or until you’re contacted by a debt collector.

Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record.  Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans because of negative information on their credit reports. In rare cases, they may even be arrested for crimes they did not commit.

Back to Top

How do thieves steal an identity?
Identity theft starts with the misuse of your personally identifying information such as your name and Social Security number, credit card numbers, or other financial account information. For identity thieves, this information is as good as gold.

Skilled identity thieves may use a variety of methods to get hold of your information, including:

What do thieves do with a stolen identity?
Once they have your personal information, identity thieves use it in a variety of ways.

Credit card fraud:

Phone or utilities fraud:

Bank/finance fraud:

Government documents fraud:

Other fraud:

How can you find out if your identity was stolen?
The best way to find out is to monitor your accounts and bank statements each month, and check your credit report on a regular basis. If you check your credit report regularly, you may be able to limit the damage caused by identity theft.  Under federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the nationwide consumer reporting companies. You can order your free annual credit report from www.annualcreditreport.com or call 1-877-322-8228. Stagger your requests from the three bureaus and obtain one report every four months to monitor your information on an ongoing basis. Unfortunately, many consumers learn that their identity has been stolen after some damage has been done.

Back to Top

How long can the effects of identity theft last?
It's difficult to predict how long the effects of identity theft may linger. It depends on many factors including the type of theft, whether the thief sold or passed your information on to other thieves, whether the thief is caught, and problems related to correcting your credit report.

Victims of identity theft should monitor financial records for several months after they discover the crime. Victims should review their credit reports once every three months in the first year of the theft, and once a year thereafter. Stay alert for other signs of identity theft. Don't delay in correcting your records and contacting all companies that opened fraudulent accounts.  Make the initial contact by phone, even though you will normally need to follow up in writing.  The longer the inaccurate information goes uncorrected, the longer it will take to resolve the problem.

Back to Top

What can you do to help fight identity theft?
A great deal. Awareness is an effective weapon against many forms identity theft. Be aware of how information is stolen and what you can do to protect yours, monitor your personal information to uncover any problems quickly, and know what to do when you suspect your identity has been stolen. Armed with the knowledge of how to protect yourself and take action, you can make identity thieves' jobs much more difficult. You can also help fight identity theft by educating your friends, family, and members of your community. The FTC has prepared a collection of easy-to-use materials to enable anyone regardless of existing knowledge about identity theft to inform others about this serious crime.

Back to Top

What is a fraud alert?
A fraud alert is a flag that you can have set on your credit report through the 3 consumer reporting agencies. This flag establishes that as part of any credit approval process, you need to be notified prior to new credit being issued. It is intended to be used by consumers who believe they have an identity theft problem. The alert is set for 90 days and then removed unless reset again. Fraud alerts do not prevent an identity thief from co-opting and using one of your credit cards. They also don't prevent someone from using your social security number to work. They further don't prevent thieves from signing up for utilities of telecommunications services using your identity. And they don't stop someone from using your personal information to get access to health care services.

Fraud alerts also don't prevent inquires for credit from showing up on a victim’s credit report. These events can have a negative effect on a person's credit score. Fraud alerts do have their place in dealing with a threat to your financial identity, particularly in some forms of new account fraud but they are not a silver bullet and certainly are not a guarantee that individuals won't fall victim to identity theft.

Back to Top

What is a credit freeze?
Many states have laws that let consumers “freeze” their credit – in other words, letting a consumer restrict access to his or her credit report. If you place a credit freeze, potential creditors and other third parties will not be able to get access to your credit report unless you temporarily lift the freeze.  This means that it’s unlikely that an identity thief would be able to open a new account in your name.  Placing a credit freeze does not affect your credit score – nor does it keep you from getting your free annual credit report, or from buying your credit report or score.

Credit freeze laws vary from state to state.  In some states, anyone can freeze their credit file, while in other states, only identity theft victims can.  The cost of placing, temporarily lifting, and removing a credit freeze also varies.  Many states make credit freezes free for identity theft victims, while other consumers pay a fee – typically $10.  It’s also important to know that these costs are for each of the credit reporting agencies.  If you want to freeze your credit, it would mean placing the freeze with each of three credit reporting agencies, and paying the fee to each one. 

Back to Top

Who can access my credit report if I place a credit freeze?
If you place a credit freeze, you will continue to have access to your free annual credit report.  You’ll also be able to buy your credit report and credit score even after placing a credit freeze.  Companies that you do business with will still have access to your credit report – for example, your mortgage, credit card, or cell phone company – as would collection agencies that are working for one of those companies.  Companies will also still be able to offer you prescreened credit.  Those are the credit offers you receive in the mail that you have not applied for.  Additionally, in some states, potential employers, insurance companies, landlords, and other non-creditors can still get access to your credit report with a credit freeze in place.

Back to Top

Can I temporarily lift my credit freeze if I need to let someone check my credit report?
If you want to apply for a loan or credit card, or otherwise need to give someone access to your credit report and that person is not covered by an exception to the credit freeze law, you would need to temporarily lift the credit freeze.  You would do that by using a PIN that each credit reporting agency would send once you placed the credit freeze.  In most states, you’d have to pay a fee to lift the credit freeze.  Most states currently give the credit reporting agencies three days to lift the credit freeze.  This might keep you from getting “instant” credit, which may be something to weigh when considering a credit freeze. 

Back to Top

How does a thief use my identity up to 30 times?
Most ID theft cases are never investigated. Thieves still have your information and free reign to do whatever they wish with it. According to Secret Service statistics, 70% of ID thieves do not have a prior criminal record so they keep doing what they’re doing until they get caught.

Back to Top

Why are college students so vulnerable?
College students are vulnerable for several reasons. One, there are constant promotions by credit card issuers requiring students to fill out credit applications for free promotional gifts. Students complete the forms and throw them out making them an easy target for ID thieves. Additionally, for the most part, college students have clean credit records making them attractive targets. Also, many schools still collect and use a student’s social security numbers in their database records.

Back to Top

What should I do to protect my social security number?
This is the single most coveted piece of information an identity thief wants to possess. Don’t carry your Social Security Card in your wallet or write it on a check; don’t share it with your friends, with unproven sources or use it as a gimmick or test. Anytime someone asks for your Social Security Number, ask them questions: Why do you need it? How will my SSN be used? What law requires me to give you my SSN? What will happen if I don’t give you my SSN? Only when these questions are satisfied should you then share this highly sensitive piece of personal data.

Back to Top

How should I go about protecting my personal information?
Don’t give out personal information on the phone, through the mail, or over the Internet unless you are comfortable with the source.

Back to Top

Keep your personal information in a safe place at home, away from visitors, roommates or outside help working in your home. Find out the information security procedures where you work and at other places that request personal information: such as your doctor’s office, educational institutions, etc. Have them verify that your data is handled securely.

Back to Top

Should I shred mail and paper documents?
Yes. Shred financial documents and paperwork with personal information before you discard them. Also, in order to cut down on the junk mail, you can remove your name from pre-approved credit card lists and junk mail lists. To opt out of receiving offers of credit or insurance in the mail call 1-888-567-8688. If you are traveling away from home, call the US Postal Service at 1-800-275-8777 to request a vacation hold of your mail until you return.

Back to Top

How do I keep myself protected on the internet?
In today’s world, the Internet has turned into a very dangerous place. Here are some tips on you to protect yourself on the electronic front.

Is there anything else I can do to protect myself from Identity Theft?
Monitor your bank and credit card transactions on your statements for unauthorized use. Thieves often begin by trying to make small unnoticed transactions on your account. You are going to want to obtain and inspect your credit reports periodically, and make sure there’s no unfamiliar or suspicious activity reflected on the reports. To order your FREE annual report from any of the national credit reporting companies, you can visit www.annualcreditreport.com or call 1-877-322-8228. You can also set a fraud alert on your account with the 3 Credit Reporting Companies. Fraud alerts will help reduce the chance of new account fraud. When your fraud alert is set a business cannot issue credit in your name without contacting you for your approval. You can set these alerts yourself for free through the Credit Report Companies either online or through their toll free number. You only have to set the alert through one of the Credit Reporting Companies and they are required to contact the other two. Their phone numbers and web addresses are below.

How can I tell if I have become a victim?
If an identity thief is opening credit accounts in your name, these accounts are likely to show up on your credit report. To find out, order a copy of your credit reports. Once you receive your reports, review them carefully. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and debts on your accounts that you can’t explain. Check all information, like your social security number; address (es), name or initials, and employers. Be sure they are correct. If you find fraudulent or inaccurate information, get it removed. Continue to check your reports periodically.

Look for additional signs of identity theft such as:

What do I do if I become a victim?
If your identity has been compromised and you are not a member of iSekurity this is what you should do immediately:

Back to Top

Service Logos
Your Lifetime Financial Partner