Be Proactive in Preventing Identity Theft
Identity theft happens to more than eight million people annually, according to statistics from 2006. This has caused an onslaught of companies offering services to prevent identity theftfor a price. There are measures that the average consumer can take on a day-to-ay basis that’ll go a long way to preventing identity theft. These measures include guarding your privacy and personal information, shredding your mail and outdated financial documents, monitoring your credit reports, and possibly purchasing identity theft insurance which wont stop identity theft from happening to you but will prevent identity theft from eating up your savings and ruining your credit for a long time.
How to Guard Your Privacy
Most people don’t know their rights with their privacy information, nor do they know how companies treat their personal data. Most people are aware that they shouldn’t give out personal information through an emailed link or through a telemarketer. But, it is still a challenge for most people when they’re faced with an “official” sounding company who is asking for personal information. Of course, identity theives are aware of this- they’re impersonating collections agencies, good will agencies, and medical facilities. When someone is on the phone pressuring you that a loved one is in danger, or your house may be foreclosed on, you are faced with conflicting feelings when they’re asking for your social security number.
Shred Your Mail
Bank and credit card statements arent the only types of documents that you should shred to prevent identity theft. Buy a crosscut shredder and destroy any financial statements you dont need for taxes, any offers for credit that come in your name, and utility bills once they are paid. By shredding these documents in a crosscut fashion you greatly decrease the chance that a dumpster diving identity thief will get their hands on your information, and take a large step towards preventing identity theft.
Always Monitor Your Credit Reports
Thanks to a new law that took effect a couple of years ago, each consumer is eligible to receive one free annual credit report from each of the three major credit reporting bureaus, Experian, Trans Union, and Equifax. By spacing your requests, you can obtain a free credit report once each four months. By carefully monitoring the information on your credit report, you can help prevent identity theft from happening to you.
Consider Purchasing Identity Theft Insurance
Identity theft insurance won’t help prevent identity theft. It can, however, make getting back on track after identity theft occurs. Typically a policy will cover out of pocket expenses, as well as any charges you are responsible for. Most companies won’t find you personally responsible for charges made by an identity theif, but it’s best to check to make sure. Identity theft insurance is very reasonable- priced between $25 to $50 a year for between $15,000 to $20,000 in coverage.
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