Identity Theft: A Double Tragedy
Identity theft is a crime that victimizes a person twice; once when the crime is discovered and again when the victim tries to repair the damage that was done in their name. If the person is lucky, the identity theft is discovered as soon as the person attempts to use their identity illegally. The unlucky victims do not discover that someone has stolen their identity until they are turned down when they attempt to get credit or they view their credit history and find accounts that they had not opened.
Many identity thieves are good at hiding their tracks and you would never know that your identity had been stolen. The accounts that are opened using your name and social security number are often diverted to dummy addresses so the individual would not even know that the accounts had gone into default. If the phone number used for the account is a fictional number as well, the victim will not receive any of the collection calls for the account either.
As if this was not devastating enough, the victim will often have a hard time convincing the creditor that the account was not actually theirs. If the identity theft is discovered quickly enough, a person can limit the damage fairly quickly by calling the creditor, canceling the account, and explaining the situation to the customer service representative. In some cases, the individual will have to fill out a statement verifying that they were the victim of identity theft and allow the prosecution of whoever is found to be using their name and credit without their permission.
If the identity theft is not discovered quickly, then the victim will face a whole host of new problems. Many creditors will only allow a person to dispute a charge within a certain period of time so if the theft is not discovered within that time limit, the victim may be on the hook for the charges. Some other creditors require that the person prove that it was not them who opened the account and, if the company has already sold the debt to a collection agency, the victim may be receiving collection calls for a long time afterward.
Being proactive about limiting your risk for identity theft is the best way to ensure that you will not be a victim. Check your credit report regularly to be sure that no accounts have been opened in your name that you are unaware of and keep your social security number secure so that identity thieves will not have it to open any credit accounts. If there have been any unauthorized or suspicious activities on your credit report, report them immediately to limit the damage done to your credit and your life.
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