Identity theft affected over ten million consumers in 2008, and the number will probably be even greater in 2009. As the economy worsens, this theft will become an even bigger business than it has been.
Why is it so rampant, and why are they getting away with it for so long? Because consumers aren’t paying enough attention.
Take the case I just read about in an on-line forum. A woman wrote to other members to share her distress and ask if anyone else had been victimized in a similar fashion.
It seems that she had gone on line to check her bank balance and found that she had no money. Her house payment and her insurance payment were set to come out automatically, and she had no funds to cover them.
A single woman, living on a fixed income, she had no way to pump additional funds into the account to cover those expenses. The conversation continued, and in a later message she noted that the theft had happened several months earlier.
Many of us wrote her back, advising her to file a police report, then contact a credit bureau to report the theft and get further instructions on how to file a report with Federal authorities, along with the next steps she needs to take.
She may be able to get her funds returned, but even if she does, she’s stuck between a rock and a hard place for this month’s bills. Fixing this kind of problem doesn’t happen overnight.
I had to wonder why she hadn’t noticed a withdrawal from her account in the month that it happened. Didn’t she balance her bank statement when it arrived? Apparently not. But every consumer should do that, along with balancing every credit card statement when it arrives.
In addition, every consumer should keep a careful eye on his or her credit report. Activity such as a new account, a jump in the balance of an old account, a balance on an account you believe is inactive, a new job, or a change of address will show up and alert you to a theft before it gets completely out of hand.
Identity theft is big business, and it is apt to become an even bigger business as more and more people face unemployment and pay cuts. We don’t want to believe that our society is populated with thieves, and we need to believe that most people are honest. But… there are enough thieves among us to pose a serious threat.
Check your credit report today – and check all the statements from your banks and credit cards every time they arrive.
Author:Marte Cliff
FreeCreditScorequick.com your resource for free credit report offers and the most current information regarding credit news. We also provide free tips and techniques to repair your credit for free. “Remember your credit report and credit score is more important than ever now.”