Identity theft implies using somebody's name, identification and financial information, in order to commit fraud, in another person's name. This form of crime is wide spread, particularly in United States. Its consequences on victims are very hard to overcome, either when it comes to credit repair or recovering financial losses.
Identity thieves use several methods to get private information: searching dumpsters for paper bills or other documents containing one's identification or financial information; using special devices on card and debit card processors, calling or sending emails in the name of legitimate businesses or agencies, inviting the recipients to enter their information through fake websites or pop up windows, diverting financial documents to another location, simply stealing someone's wallet or purse, pretending to be in need of desperate help or even conducting a research. The criminals imagination does not have limits when it comes to getting information that is very precious to use or sell.
The stolen identity is used for various purposes: credit card fraud, stealing money from bank accounts, extra charging utility accounts, making loans, mortgages, getting tax refunds, changes of identity, getting jobs... All these in a victim's name and at the victim's expense.
The victims will, eventually, receive calls, for charges they never made, from collection agencies. They will receive bills from credit card companies, rental companies, etc. They may be delayed in getting a tax refund, prevented to get a loan or buy anything, on credit. The list of the disadvantages doesn't stop here. It is nerve wrecking and very time consuming to deal with the consequences of identity theft.
One has to report identity theft, right away and later on, to press charges. The police has a division fighting this form of crime. Once in the possession of a document proving that one filed a police report, this gives a person certain rights to stop the fraud and to clear one's name and credit. The credit reporting agencies or the companies where the fraud occurred will immediately block the information affected by the identity theft. It will also prevent the negative consequences on the credit report and put one's credit under extended monitoring and fraud alert. It will also stop any collectors from pursuing a victim. Sometimes, if the company where the fraud occurred is cooperating with the victim, a police report is not mandatory. To get the above mentioned rights, reporting to consumer protection agencies may be enough.
The effects of identity theft may last depending on the nature, the extent of the crime and whether the affected information was passed on to other criminals. Clearing one's records immediately and account monitoring, long after the fraud occurred are recommended.
When it comes to identity theft, awareness, continuous self-education and account monitoring through specialized agencies are the best ways to stay safe. These days, due to the extent of this crime, there are many consumer protection resources available, both online and offline. These resources can help either for protection or for fighting back, when the identity theft already occurred.
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