Not too long ago, an episode of the television show
Law & Order featured an elderly
man who lost his house because of a second mortgage
taken out on it by a total stranger. The stranger
had used a technique called phishing
to get all the information he needed to open accounts
and do business in his victim’s name –
without his victim being any the wiser until his
house was literally auctioned out from under him.
Far-fetched? The popular television
show presented an extreme, dramatic case –
but what happened to the old man in the show is
far from impossible. There are thousands of cases
of identity theft pending across the country, and
very likely thousands more whose victims don’t
even know that they’ve been robbed –
and won’t until they attempt to take out a
loan or apply for a credit card. Even then, they
might not realize it.
It may sound like paranoia and senseless alarm
raising, but one of the most important things you
can do for the sake of your credit is to check your
credit report regularly. Because identity thieves
will open accounts using your name and information,
any late payments end up reported on those accounts
will end up on YOUR credit report. Checking it is
easier than ever to do. There’s a new law
that gives you the right to request a copy of your
credit report free of charge from each of the three
major credit reporting agencies once a year. The
law has been rolled out in stages across the country,
but by September 1, 2005, every person in the country
may take advantage of that right. You can get more
information and request your credit report at www.annualcreditreport.com,
free of charge.
Once you have your credit report, look it over
carefully for any activity with businesses that
you don’t recognize. Even one account that
you don’t recall opening is a flashing marker
that someone else may be using your identity.
If you suspect that you’ve been a
victim of identity theft:
