Identity theft is a type of fraud where one person assumes the identity of another in order to transact under the other person’s name.
Reports of stolen identity cases have been rising lately. The adverse effects of identity theft include huge debt and bad credit score. These may be negotiable; card companies and other financial institutions do have policies concerning identity theft, but the process of proving it has occurred may take long. To prevent identity from being stolen, one must be careful when giving out personal information in internet forms and in other suspicious sites asking for personal information. Another way to prevent stolen identity is through identity checks.
A Person’s Stolen Identity
A person can suffer many consequences due to stolen identity. Because the most common purpose of identity theft is to defraud banks and financing companies, victims of identity theft are usually left with huge debts to pay, and when they are unable to settle the debt immediately, a bad credit score. This may not be a permanent consequence of stolen identity but victims will find that proving a case of identity theft is not easy and takes a long time. Also, victims may need access to credit while settling the situation and a temporary bad credit score may adversely affect applications for credit cards and loans.
To avoid the consequences of stolen identity, it is important to protect one’s identity from identity thieves. The most common way to do this is by being careful with personal information. Make sure to give information only to established companies and reliable internet sites. Also, refrain from clicking suspicious links in the internet. There are also companies that can help protect customers from identity theft. Stolen identity can be prevented by availing of identity check services offered online. These companies will track a person’s information and alert customers when someone else is trying to use his or her identity for transactions. Identity check companies provide a report to customers on who are searching for and viewing their personal information.
Cases of Identity Theft
Identity theft cases are being reported in the news every day. Nowadays, it is easier to prevent one’s identity from being stolen. Protecting personal information is very important. There are also companies offering identity check services to customers. Stolen identity can lead to financial losses so it is essential to know the ways on how to keep it from happening.