If you have been following the news lately, you are surely aware of the growing problem of identity theft. I used to dismiss peoples concern (bordered on paranoia) with identity theft assuming the damage is limited to stolen credit card information and fraudulent charges. After all, I claimed, every credit card company will automatically reverse the charges in case of fraud. But more and more it is coming to the public’s attention that the risks and damages of identity theft can go far beyond fraudulent credit card charges.
If you have been following the news lately, you are surely aware of the growing problem of identity theft. I used to dismiss peoples concern (bordered on paranoia) with identity theft assuming the damage is limited to stolen credit card information and fraudulent charges. After all, I claimed, every credit card company will automatically reverse the charges in case of fraud. But more and more it is coming to the public’s attention that the risks and damages of identity theft can go far beyond fraudulent credit card charges.
Stories of loans issued on peoples names without their knowledge, sometimes mortgaging their houses in the process. Credit cards can be issued on unaware victims names, bank accounts opened and more with the victim only finding out when the creditors come knocking on their doors. This is a whole new ballgame and suddenly discovering some false charges on your monthly credit card statement pales in comparison.
There are of course ways to protect yourself. The FTC advises monitoring your credit report activity on all 3 bureaus. You can order a 3-bureau report online from CreditReporting.com. Also, stay tuned to our identity theft and protect your credit sections at Creditcarddiva.com for more tips and information.
