What Really Happens To You After You've Been Victimized

Ten years ago it cost my father almost $10,000 to rectify a wrong that happened to him. Someone got hold of his social security # and applied for a credit card, telephone, electric, and cell phone with it. That was back when identity theft didn't even have a name for it yet. My father and I are both long term insurance and financial planner guys. Been doing it for 20 years myself, double that for my old man. Now let me tell you what happens to ID theft victims from a financial perspective.

1. What ever you pay for car and or homeowners insurance will skyrocket if you have to apply or reapply for it while your credit is in disarray.
2. Don't even think about applying for a loan, especially a home loan because you will not be able to afford the payments at the interest rates you will be quoted (double digit in most cases.)
3. Credit cards, including existing ones will start charging you rates that you do not have enough fingers and toes to count up to.
4. Your creditors all say "sorry to hear this happened to you and we'll work with you during it" but then start ignoring you when you try to get them to reverse the charges that were fraudulently made in your name.
5. You will ultimately have to hire an attorney for quite a bit of money to rectify the situation, and during this tumultuous period you better hope nothing else goes wrong; such as a medical emergency or your car dies.

Did I scare you yet? Hey, I'm just giving it to you based on past experience, no exaggeration here. Oh, did I mention that last year our small little insurance agency that we own together had over 100 identity theft inquiries of which some of them turned into insurance claims. In some States certain insurance companies offer an identity theft endorsement you may be able to add to your homeowners policy. This endorsement does nothing to help prevent identity theft or guard you in the future, but sometimes (depending on the company) it can help offset the financial burden you undoubtedly will experience if this happens to you.

I don't mean to sound negative today, I just really want my readers to understand that identity theft is not just a "soft crime" it can destroy a person or family if not caught in time. To learn how to start protecting yourself and your family today click here LifeLock

5 Steps To Help Prevent Identity Theft

1. When using your credit and debit cards at restaurants and stores, pay close attention to how the magnetic stripe information is swiped by the waiter or clerk. Dishonest employees have been known to use small hand-held devices called skimmers to quickly swipe the card and then later download the account number data onto a personal computer. The thief uses the account data for Internet shopping and/or the creation of counterfeit cards.
2. Keep a list or photocopy of all your credit cards, debit cards, bank accounts, and investments -- the account numbers, expiration dates and telephone numbers of the customer service and fraud departments -- in a secure place (not your wallet or purse) so you can quickly contact these companies in case your credit cards have been stolen or accounts are being used fraudulently.
3. Always take credit card receipts with you. Never toss them in a public trash container. When shopping, put receipts in your wallet rather than in the shopping bag.
4. Never permit your credit card number to be written onto your checks. It's a violation of California law (Civil Code sec. 1725) and laws in many other states, and puts you at risk for fraud.
5. Order your credit report at least once a year. Federal law gives you the right to one free credit report each year from the three credit bureaus: Equifax, Experian, and TransUnion. If you are a victim of identity theft, your credit report will contain the tell-tale signs – inquiries that were not generated by you, as well as credit accounts that you did not open. The earlier you detect fraud, the easier and quicker it will be to clean up your credit files and regain your financial health.

If you have not checked your credit report recently click this link for more information Get All 3 FICO Scores and Credit Reports!

Are You A Victim Of Identity Theft?

Introduction
Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. In fact, you or someone you know may have experienced some form of identity theft. Identity thieves don't steal your money; they steal your name and reputation and use them for their own financial gain. They attempt to steal your future! Identity theft literally steals who you are, and it can seriously jeopardize your financial future. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didnt make or until you're contacted by a debt collector.

Result
Once they have your personal information, identity thieves use it in a variety of ways. Criminals use identity theft to fraudulently obtain identification cards, driver licenses, birth certificates, social security numbers, travel visas and other official government papers. An identity thief may obtain your identifying information by stealing credit card applications, bank statements, or checks from your trash or mail, finding your lost or stolen wallet or purse, hacking your credit card number from a corporate database, or stealing your information from inside a company that holds it.

• When they use the cards and don't pay the bills, the delinquent accounts appear on your credit report.
• You receive bills from a credit account you did not open.
• You see unauthorized charges on your credit, long distance, or bank accounts.
• You are contacted by a collection agency regarding a debt you did not incur.
• You are turned down for a credit card, loan, mortgage, or other form of credit due to unauthorized debts on your credit report.

Conclusion
Identity theft is the nation's fastest growing crime according to FBI statistics and identity theft/fraud is the fastest-growing category of Federal Trade Commission FTC complaints.While some identity theft victims can resolve their problems quickly, others spend thousands of dollars and many days repairing damage to their good name and credit record. The unfortunate reality of identity theft is that it is you, the victim, who is responsible for cleaning up the mess and re-establishing your good name and credit.

To learn more about how easily you can become a victim and how to prevent it Click Here!