Identity Theft

We all use credit cards, and many of us use them daily. We use them at local businesses, online and over the phone. With credit cards being used in so many different places, thieves have many opportunities to steal information. One of the biggest fears of credit card users is that their accounts will be compromised.

In the event that your card is stolen, it is important to know exactly what to do to prevent significant financial loss. There are several things you can do both before your information becomes compromised, as well as after the fact.

Here are some tips to keep in mind.

1. Notify your credit card company:

Before the theft happens, be sure you have the phone number of your credit company and your account number in an easy-to-find place. Call them immediately upon learning that your information has been stolen, so that they can deactivate your card and prevent future purchases by the thief.

Often credit card companies will not hold you liable for fraudulent charges made on your card. By notifying them quickly, you not only are able to stop future purchases, but your credit company can document the date from which you are not liable for purchases made on your card.

Be sure to write down the names of each person you talk to when you call the company, and document the date and time that you called. It is also useful to have a short, written summary of your phone conversations with each person. This information may be crucial in the event you need to prove that you took immediate action, and that you were instructed by official representatives from your credit card company.

2. Call the credit-reporting agencies:

Alert these companies of the theft so that they can put a fraud-alert on your account. Do this as soon as you become aware that your account has been compromised. This prevents the thieves from opening any new accounts in your name. Here is the contact information for two of the major national credit-reporting agencies.

3. Document your credit status:

You are entitled to a free copy of your credit report from each of the three credit bureaus every year. Take advantage of this if your credit card information falls into the wrong hands. If your credit card information is stolen, it is important to get documented proof of your current credit standing before any fraudulent activity is reported.

Keep in mind that even if you have already obtained a free copy this year, you may be able to get another one if there is a fraud alert on your account.

4. Call your local police

Let them know of the theft and file a police report.

5. Consider filing an identity-theft report:

This report is generally in two parts. You will probably complete part at your local police station and part at a consumer reporting agency.

Hopefully, your credit card information will never be compromised. But if you should become the victim of fraud, these tips will help you take control of the situation as quickly and efficiently as possible.

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Credit report monitoring has become an important aspect in the lives of many people today. It is regarded as an essential service to have to help ensure protection from identity thieves. These days, perpetrators of identity theft are seldom caught by the authorities. With technology giving them the ability to conduct their illegal business, they can continue conducting their unlawful acts and victimize more people each year. But this same technology can also be used to thwart these criminals. To protect oneself, he has to properly monitor his accounts through services designed to detect suspicious activities. By doing this, he can protect himself from the grave consequences of identity theft.

Getting adequate protection from ID theft is the best defense to stay safe. Through a service that provides monitoring, consumers can take advantage of effective procedures implemented to keep identities away from the hands of thieves. As of recently, a lot of people have already benefited from these services. These specific programs have been instrumental in monitoring the personal credit files of each customer. More importantly, the emergence of these services has protected people from attempts that were made to steal their identities. Some others have been given assistance after they have fallen victims to identity thieves while enrolled in the program. These show the benefits of having such services.

The advantages of getting a credit report monitoring service

Companies that offer protection for identities give consumers a number of benefits. In addition to getting the best service to monitor credit reports, anybody who subscribes to these services can look forward to obtaining certain benefits. One of them is a comprehensive credit report. One's credit report is a highly essential document. It is his ticket to getting services that give him the most privileges. When this is compromised, he loses the benefits attached to having good credit. Therefore, it is crucial that this document be monitored to ensure that there is no illegal movement going on that will put one's identity in trouble.

Another advantage is getting identity insurance. With a good program, a subscriber can take advantage of insurance that will provide assistance to its members who have become identity theft victims. This is usually through done through financial resources that will cover lost income, attorney fees, as well as other expenses related with the restoration of their identities. Along with this service must come identity reestablishment to help them get their credit ratings to good standing.

With an identity theft protection program that offers credit report monitoring service, one is able to access various important files. People who have subscribed to these programs are given easy accessibility to files that are important in monitoring their accounts. With some plans, a member is able to get full access to these documents. Through this, he can easily assess the activities that are going on, specifically the movements that have transpired for any given period. This allows easy detection for any unauthorized changes. Therefore, it is a wise move to have such a service as it works to help enhance security for one's identity.

Credit report monitoring services are incredibly vital in preserving the protection of your identification. By way of the best credit monitoring service, you can benefit from features like identity theft protection provided by companies such as lifelock and TrustedID.

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It's no secret that college student have long been the target of credit card companies. Pre-approved credit cards and "you deserve it" enticements worked for these companies for years. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 held some intended consumer protections for college students.

The Credit CARD Act Basics:

It's a myth that the CARD Act restricted credit card companies from marketing their wares to college students on campus. Many students and parents alike may not realize that this is big business not just for issuers but for colleges and universities as well. Colleges have long received payments for the opportunity to market to students and even alumnus list.

There were "suggestions" and "restrictions" that simply involved notify colleges about marketing near campuses in the Act related to protecting college students. Companies could no longer offer "tangibles" better known as "freebies" to students who sign up for a card. Some people mistakenly believed this act issuers off of college campuses. That's not true. They can be there, culling for those students who are over 21, have a steady income or a co-signer, they just can't offer anyone a free t-shirt or pizza.

Beverly Blair Herzog of Credit.com writes, "I'm actually in favor of college students learning how to use credit cards under the guidance of a responsible adult. I just don't want a stranger on a campus giving my kid gifts in exchange for signing on the dotted line."

Those responsible adults Herzog refers to do come in to play with the Credit CARD Act because issuers are no longer able to give cards to applicants under 21 that don't have a proven income to pay the charges without a co-signer. In most cases, that means the parents. While math courses abound on college campuses, in many cases it's left to dear old mom and dad to teach Credit Smarts 101.

Here are 5 Consumer Protection Tips to Teach Your College Student:

Beverly Blair Herzog, a finance writer once who was once wooed into debt by credit offers, offers the first two.

1. "Think Twice Before You Sign: When you spend a little more money than you have, you end up carrying an outstanding balance. And the companies charge you interest on that balance, over and over again, every month."

2. Herzog also says, "Don't Charge Tuition: In a 2009 Sallie Mae study, 30 percent of students were using credit to pay for tuition, which is a very expensive way to pay for college. If your family is tempted to use this option to finance college costs, CPAs urge you to research much less expensive student loan opportunities."

Some more sage advice for all ages that needs to reach college students.

3. Balance your checkbook. It seems obvious from Civics 101 but research has shown that over a third of college students rarely balance their statements and or checking account balances. This is an important life skill every college student needs to make a habit now.

4. Create a budget. Students can be so creative but when it comes to creating a budget they just don't have a lot of real life experience. College students, and parents who are footing the bill should be able to tell what money is going to the bookstore and what money is going to the bar.

5. Don't throw your credit in the trash.

Whether or not a student has credit card, issuers will still be sending offer letters. While the Credit CARD Act may have deterred marketing strategies on campus, direct marketing, like life, still happens. A bird in hand may be worth two in the bush but a credit card application or worse those blank checks from the credit card companies can be like a fat cat to identity thieves, hackers and credit needy scammers.

How credit smart is your college student? Do you have tips to share with other parents or college students?

Lisa Carey is a contributing author for Identity Theft Secrets: prevention and protection. You can get tips on Identity theft protection, software, and monitoring your credit as well as learn more about the secrets used by identity thieves at the Identity Theft Secrets blog.

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Identity theft is a real issue today, and it's no good thinking this only happens to other people either. You can easily become a victim online by using a computer or mobile device. There is a term called spyware, which if ignored, can collect all sorts of personal information about you and your financial details. It is not called spyware for nothing!

When identity theft happens to you, the effects can be both financially and psychologically devastating. If you've been a victim of identity theft and have had your credit damaged as a result, don't worry -- there are steps you can take to get your good credit back. The process can be slow, though, so get ready to be patient.

The first thing to do is assess the damage done. Review your credit card statements and other relevant documents to check for suspicious activity. Also get a copy of your credit report from the bureaus that issue credit reports. You should be able to get these reports for free if you contact each agency to request that a fraud alert be placed on your record. The fraud alert will also make it so that anyone trying to open a credit account in your name has to go through extra identity verification steps.

Once you receive your credit reports, review them thoroughly for activity caused by the identity thief, and mark any inaccurate items, like new accounts opened in your name. To fix these items, it helps to have the documentation showing how the items are wrong. One helpful document is a copy of the official police report dealing with your identity theft. If you haven't reported the crime to the police, either your local police, or the police in the area where you believe your identity was compromised, do so now.

Next, contact the fraud departments of any lenders who issued credit to the identity thief. Ask each lender, in writing, to send you a fraud packet. This will help you submit a claim for investigation of false charges. When your claim is processed and approved, you'll receive a notification. The affected lenders should also contact the credit reporting bureaus to have fraudulent charges removed from your credit history.

If you still end up with inaccurate items on your credit report, you'll need to write letters of dispute for each individual item. File each dispute separately -- otherwise, there's a higher risk of the agencies missing something or dismissing your disputes. If you're disputing many items, it can be helpful to write a template letter that you can customize with the details of each one. Don't just download a template from the Internet, though. Write your own, briefly explaining the situation. There's no need to go into extreme detail, as the credit bureaus will do their own investigation to find out the details. With each letter of dispute, attach a copy of your current, inaccurate credit report, and include copies of any documents that support your dispute.

Keep a paper trail. Only send out copies of documents, not originals. Keep records of all documentation you send out or receive, including e-mails. Write down the relevant details, including the date and time and who you spoke to, of every conversation you have with any agency or lender in regards to this issue. Also send all your documents by certified mail with a return receipt request, so you have proof that they were sent and delivered. Keep all your records together so you can find them if you need to.

It is a good idea to use a simple shorthand note book to keep a log of all of your dealings with the various companies you contact. You do not need to record every single word, but I suggest you record the date, time of call, telephone number and extension, name of the person you speak to and of course, notes about the content of the call.

Repairing credit damaged by identity theft can take lots of energy and time, but it's important to take back your financial health and to reclaim your life after being the victim of such a crime. Diligently following the steps above and being firm about your rights will help you recover as quickly as you can.

Finally, whether or not you are a victim of identity theft, make sure you find a really good spyware detection tool to make sure that you close any open windows to your personal details.

Remember that AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE! As over used as this saying is, it couldn't be more appropriate here.

Jon Gould is the publisher of the Computer Protection Gazette, a free newsletter full of informative help for PC users to protect their investment. For a free analysis of your system and a free subscription to Computer Protection Gazette, drop by http://www.mycomputerprotected.com/ today.

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