Identity Theft FAQs
Charles Carreon
How does identity theft happen? Well, think about the last time you called up someone to pay a bill over the phone with a credit card, or when you called up one of the “big three” Credit Reporting Agencies (Trans Union, Equifax and Experian) to find out why something showed up on your credit report that isn't supposed to be there. They always ask you for some detail, like the last four digits of your social security number, or your mother's maiden name, before they'll talk to you. Well, those aren't the most difficult things in the world to find out about a person now, are they? And they are the keys to your financial good name. A thief who can get a hold of them, along with your street address, a name and date of birth, driver's license number and telephone number, could begin to move your assets around. If you are robbed of your wallet, or lose confidential records in a burglary, you should close all affected accounts and credit cards immediately, and change passwords on all the others. Be especially suspicious if anyone calls you over the phone, offers you a financial deal, elicits a bunch of personal information, and then asks for your social security number. Whether they say they are going to share the information or not, do not disclose such information to people that you do not know to be reputable financial entities.
Whose identity is worth stealing? Well, someone who has a good credit rating. We call it your “good name,” but let's not get abstract here — what matters is what people find when they call up one of the big three credit providers and obtain your credit report. There's only one way to find out what the big three are saying about you, and that's to get a copy of the report. You can order reports directly online for $8 from any of the big three at their respective websites. You can get a free copy of your report if you have been denied credit, employment, insurance or a government license or other grant, government grant benefit within the last sixty days. You may also obtain a free copy of your credit report if you have reason to believe that your information on file contains inaccurate information due to fraud. Having your I.D. or credit card stolen should trigger this provision. Additionally, if you're a resident of Colorado, Georgia, Maryland, Massachusetts, New Jersey or Vermont, your first report will be free, and in Georgia your first two reports will be free.
How can you clean up your credit report? I've provided a handy form for disputing derogatory information on your credit report. Strictly speaking, the big three CRA's (Credit Reporting Agencies) are supposed to do your detective work and get your creditors to report accurate information. As a practical matter, the CRA's do not push the issue when creditors stand behind their mistakes. At this point, you have to roll up your sleeves and start calling the companies that have reported derogatory credit information about you.
How does identity theft happen? Well, think about the last time you called up someone to pay a bill over the phone with a credit card, or when you called up one of the “big three” Credit Reporting Agencies (Trans Union, Equifax and Experian) to find out why something showed up on your credit report that isn't supposed to be there. They always ask you for some detail, like the last four digits of your social security number, or your mother's maiden name, before they'll talk to you. Well, those aren't the most difficult things in the world to find out about a person now, are they? And they are the keys to your financial good name. A thief who can get a hold of them, along with your street address, a name and date of birth, driver's license number and telephone number, could begin to move your assets around. If you are robbed of your wallet, or lose confidential records in a burglary, you should close all affected accounts and credit cards immediately, and change passwords on all the others. Be especially suspicious if anyone calls you over the phone, offers you a financial deal, elicits a bunch of personal information, and then asks for your social security number. Whether they say they are going to share the information or not, do not disclose such information to people that you do not know to be reputable financial entities.
Whose identity is worth stealing? Well, someone who has a good credit rating. We call it your “good name,” but let's not get abstract here — what matters is what people find when they call up one of the big three credit providers and obtain your credit report. There's only one way to find out what the big three are saying about you, and that's to get a copy of the report. You can order reports directly online for $8 from any of the big three at their respective websites. You can get a free copy of your report if you have been denied credit, employment, insurance or a government license or other grant, government grant benefit within the last sixty days. You may also obtain a free copy of your credit report if you have reason to believe that your information on file contains inaccurate information due to fraud. Having your I.D. or credit card stolen should trigger this provision. Additionally, if you're a resident of Colorado, Georgia, Maryland, Massachusetts, New Jersey or Vermont, your first report will be free, and in Georgia your first two reports will be free.
How can you clean up your credit report? I've provided a handy form for disputing derogatory information on your credit report. Strictly speaking, the big three CRA's (Credit Reporting Agencies) are supposed to do your detective work and get your creditors to report accurate information. As a practical matter, the CRA's do not push the issue when creditors stand behind their mistakes. At this point, you have to roll up your sleeves and start calling the companies that have reported derogatory credit information about you.