There has been reports from different agencies, may it be of government or a non-sectarian affiliate that identity theft is now America’s fastest growing crime. Statistics show that indeed the percentage of the said crimes is doubling every year. Last year alone, police and FBI records show that 10 million Americans were victimized by the said crime. Scammers and hackers are indeed doing all they can to add up to America’s present downfall.
Identity theft is a crime more serious than it actually sound. Downtown New York City, when one gets involved in a petty crime like ordinary theft, it is just one’s money or cellular phone that will be at risk whereas in identity theft the damages go as far to legal concerns. Your reputation, credit score and credit report of 7 years will be damaged, not to mention the piles of debt that will be under your name. There will also be a long and strenuous process of clearing out your name and balance sheet in such cases.
Another warning issued by experts is about the notion that identity theft can only happens in the internet or through computer networks. This is not always true. Industry experts were alarmed to see that the crime is also common via low tech methods. An example of which is the stealing of physical document from potential victims. This happens when for example, a wallet from a consumer wallet is stolen along with his Social Security Card. Scammers can now use the Social Security Number of their victim to do fraudulent activities that could severely do damage to the victim’s credit reports.
Industry experts are now advising policy holders have some identity theft protection. An option they have presented to be effective is credit report freeze. This action will immediately freeze anyone’s accounts preventing further damage. To do this, all you have to do is give a call to your credit company saying that you are currently suspecting that someone is stealing your identity or that you have noted some significant changes in your account through your credit reports. The credit reporting agencies (Experian, Equifax or TransUnion) will then temporarily make your account inaccessible to anyone including you. Investigations regarding your case will then pursue.
The advantage of freezing an account is that you are putting an end to possible damages that an identity thief might do, however the action also has its consequences. Freezing or unfreezing of ones account will have a fee that normally ranges from $10-$12. A consumer should also prepare for certifies documents before a request for freeze is granted and will have to mail these to the 3 major credit reporting agencies (Experian, Equifax and TransUnion).
It sure does look like a lot of trouble to freeze or unfreeze an account, but the benefits are way too big for a consumer to consider. Protecting your credit report also means protecting your financial future. A much needed weapon in times like ours C a good credit history.
