Identity Theft Repair
Identity theft occurs when someone pretends to be someone else in order to steal important personal information - such as a social security number, credit card information, bank account number, etc.- allowing them to have access to not just money, but other benefits associated with a person's credit. Identity theft, however, is not the same as identity fraud. Where identity theft involves the act of stealing a victim's information, identity fraud sees the perpetrator employing the stolen information to make purchases in the victim's name.
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Identity theft can be defined in two different ways. The first is when the victim's established account is accessed. In this situation, the perpetrator uses the previously mentioned important personal information--a social security number, credit card number, PIN, etc.--to access their funds spend them as if they were that person. In these situations, the victim's personal funds are stolen.
The next type of financial identity theft is a perpetrator established account. In this type of situation, the perpetrator uses the personal information and the good credit of their victims to create new accounts to apply for credit cards, loans, or checking accounts in order to acquire funds. With perpetrator established accounts, the victim's credit is negatively affected.
However, if identity theft has occurred, there are still a number of options a victim can take to protect themselves and repair any damage done. First, the person can issue a fraud alert with one of the three nationwide credit bureaus: Experian, Equifax, or TransUnion. Putting out a fraud alert will allow their credit to be monitored for any further suspicious activity, as well as being opted out of pre-approved credit cards and insurance.
Second, the identity theft victim should close any accounts the perpetrator may have had access to, such as credit cards or debit cards, inform their credit card companies or banks of the theft, and ask them to issue a replacement card.
Third, any victim of identity theft should keep an eye on their accounts for any frivolous or fraudulent activity that was not permitted or not recognized by them. In addition, credit card companies and/or banks will usually call to alert their customers of any suspicious activity on their accounts, thereby stopping any more credit fraud before it starts.
To prevent identity theft, it is important to keep track of personal information and where it might be stored, such as a purse or wallet or safe deposit box. Documents containing sensitive information should always be shredded and discarded efficiently. Social security numbers, PINs, or other personal information should never be given out without knowing if the recipient is trustworthy and the information kept secure. Finally, credit, bank, and other sensitive information should be diligently monitored.
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