It's a fact of modern life: At one point, you or someone you know has been a victim of ID thieves. Going through it is one those awful times when your life will consist of severe teeth-gnashing and cursing as you sift through and repair the damage caused by usually anonymous criminals.
Even if you safeguard your personal information Fort Knox-like, the companies you give them to (such as creditors and past & present employers) might lose them. You read about what happened to TJ Maxx, Office Max, and others, right? Kung hindi pa, read this link http://blog.wired.com/27bstroke6/2008/08/11-charged-in-m.html. It has details on the millions of credit and debit card numbers that were stolen.
What to do? The best way is to do a security freeze on your credit report - which means no one can access your credit file without your approval. The one-time fee for a permanent freeze (unless you lift it) is $5 to $20, depending on what state you live in. If you're a victim of ID theft and you have a police report, it's FREE. You can unfreeze it when you're in the market for credit.
If you don't want to do a security freeze and you just want to monitor your credit file activity, you can subscribe to credit protection companies - they usually charge the first month free, then a monthly fee will apply. The downside: If you're on a budget, this could be expensive; and also, there are a lot scammers and/or overpriced services out there so don't automatically go with the one with the best TV commercial.
Besides, there are free or low-cost steps you can take to safeguard your identity, aside from the security freeze. Here's a great one: Until September 24, as part of a legal settlement, TransUnion is providing up to 9 months of FREE credit monitoring. Go to https://www.listclassaction.com/ to register (scroll down, then click on Register for Benefits.) Everyone who has an active credit file can register & get the FREE benefits. You can choose to:
- Sign up for six months of credit monitoring services. If you select this option, you can also register to possibly receive cash benefits in the event of a cash distribution or file an individual lawsuit against the Defendants.
-Sign up for nine months of enhanced credit monitoring services. If you select this option, you will not receive any further benefits, including a cash payment, and you will not be able to file an individual lawsuit against the Defendants.
-Register to possibly receive a cash payment. If you select this option, you can also sign up for six months of credit monitoring; however if you receive a cash payment, you cannot file an individual lawsuit against the Defendants.
-Sign up for nine months of enhanced credit monitoring services. If you select this option, you will not receive any further benefits, including a cash payment, and you will not be able to file an individual lawsuit against the Defendants.
-Register to possibly receive a cash payment. If you select this option, you can also sign up for six months of credit monitoring; however if you receive a cash payment, you cannot file an individual lawsuit against the Defendants.
Remember, you have to register by September 24 to get the free services.
Here are other ways to protect yourself from identity theft, from ConsumerReports.org:
-Obtain copies of your credit report. Federal law entitles you to one free report every year from each of the three credit bureaus. Go to www.annualcreditreport.com, the only Web site authorized to deliver the free reports. Stagger your requests to get one report every four months.
-If you think you need to subscribe to a service, consider signing up for one of the new ID fraud prevention and detection services rather than a credit-report-monitoring service.
ALSO: Do you know your rights when you become an ID theft victim? Here they are, per the Federal Trade Commission:
Various laws limit your liability for fraudulent debts caused by identity theft. REMEMBER: For most of them, there's a short window of time to report so be vigilant.
Fraudulent Credit Card Charges: You cannot be held liable for more than $50 for fraudulent purchases made with your credit card, as long as you let the credit card company know within 60 days of when the credit card statement with the fraudulent charges was sent to you. Some credit card issuers say cardholders who are victims of fraudulent transactions on their accounts have no liability for them at all.
Lost or Stolen ATM/Debit Card: If your ATM or debit card is lost or stolen, you may not be held liable for more than $50 for the misuse of your card, as long as you notify the bank or credit union within two business days after you realize the card is missing. If you do not report the loss of your card promptly, your liability may increase.
Fraudulent Electronic Withdrawals: If fraudulent electronic withdrawals are made from your bank or credit union account, and your ATM or debit card has not been lost or stolen, you are not liable, as long as you notify the bank or credit union in writing of the error within 60 days of the date the bank or credit union account statement with the fraudulent withdrawals was sent to you.
Fraudulent Checks: Under most state laws, you are liable for just a limited amount for fraudulent checks issued on your bank or credit union account, as long as you notify the bank or credit union promptly. Contact your state banking or consumer protection agency for more information.
Fraudulent New Accounts: Under most state laws, you are not liable for any debt incurred on fraudulent accounts opened in your name and without your permission. Contact your state attorney general’s office for more information.
[photo: alumni.indiana.edu]
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