Fair Credit Reporting Act - Summary

Are you a Victim of Identity Theft?

How does a thief get the information he/she needs to steal your identity? Find out what you can do if you think you may be the victim of identity theft. Are the Credit Repair Ripoffs and scams trying to ruin you? Don't be scammed by companies who claim they can fix your credit, read before you sign anything.

What Are Identity Theft and Identity Fraud?

Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain.

Take precautions to protect yourself from identity theft:

Your personal data ­ especially your Social Security number, your bank account or credit card number, your telephone calling card number, and other valuable identifying data ­ can be used, if they fall into the wrong hands, to personally profit at your expense, the funds out of your bank or financial accounts, or, in the worst cases, taken over your identities altogether, running up vast debts and committing crimes while using the your name: In many cases, a victim's losses may include not only out-of-pocket financial losses, but substantial additional financial costs associated with trying to restore his reputation in the community and correcting erroneous information for which the criminal is responsible.

Case like it, prompted Congress in 1998 to create a new federal offense of identity theft.

Visit http://www.usdoj.gov/criminal/fraud/websites/idtheft.html for more information.

What Should I Do To Avoid Becoming A Victim Of Identity Theft?

To reduce or minimize the risk of becoming a victim of identity theft or fraud, there are some basic steps you can take.

Be stingy about giving out your personal information to others

• Need to know approach to your personal data: A person claims to be calling you from your bank asking for information like your Social Security number or home telephone number such personal data people does not need it as it is already on file with your bank
• You are offered a "major" credit card, a prize, or other valuable item on the basis of your personal data, such as your Social Security number, credit card number or expiration date, or mother's maiden name is another way of trying to steal your identity
• Ask for a written application form
• Hang up if they do not have the application form
• If they do, make sure it's going to a well-known and reputable company or financial institution
• Check with the Better Business Bureau for information about businesses that have been noted for complaints
• While traveling, have your mail held at your local post office, or ask someone you know well to collect and hold your mail while you're away
• Do not use an open telephone booth where passersby can listen about your personal financial information
• Check your financial information regularly as monthly statements, bank or credit card accounts and lists of transactions for the most recent month or reporting period
• If you're not receiving monthly statements for the accounts you know you have, call the financial institution or credit card company immediately and ask about it
• Ask for address that you haven't authorized, for determining whether some or all of those debit or charge transactions were fraudulent
• Review statements, enclosed checks or credit transactions closely to make sure there are no unauthorized withdrawals or charges
• If there are any, contact your financial institution or credit card company immediately to report those transactions and to request further action
• Ask periodically for a copy of your credit report with the list all bank and financial accounts under your name
• Maintain careful records of your banking and financial accounts.
• Retain your monthly statements and checks for at least one year: Your original records will be more immediately accessible and useful