Be ready to protect yourself.
If you don’t think identity theft can happen to you, think again. You need to be ready, because crooks are becoming more sophisticated at stealing and using your personal information—your name, Social Security number or credit card number—without your permission, to run up debts, commit fraud or other crimes.
Identity theft affects millions of Americans. In 2006, more than 246,000 people learned that thieves had stolen their identities. The majority of victims (72 percent) are between the ages of 18 and 49. This crime can cost its victims thousands of dollars to repair the damage to their reputations and their credit histories. Fortunately, identity theft insurance can help you cover these unexpected costs.
Where to look
The best way to combat identity theft is to regularly review your credit reports and bank statements. Most instances of identity theft (45 percent) are uncovered in the first 30 days of the crime, but it can take months or even years for identity fraud to come to light. You should conduct regular financial check-ups to safeguard your identity and credit. Also, be sure to guard your personal information and shred all documents containing account numbers.
What to do
If you suspect that you are a victim of identity theft, you must take immediate action to minimize its impact and to protect yourself from liability for financial debts or possible prosecution for crimes. Follow these four steps immediately:
1. Place an initial fraud alert on your credit report(s). This alert will prevent an identity thief from opening more accounts in your name. You’ll only need to contact one of the three credit reporting agencies (Equifax, Experian or TransUnion).
2. Close accounts. If you believe an account has been tampered with or opened fraudulently, close it immediately. To do so, contact the security or fraud department of the credit provider(s) that have been affected.
3. File a complaint with the FTC. Call the FTC’s Identity Theft Hotline at 1-877-ID-THEFT. This step will help law enforcement agencies stop identity thieves.
4. File a police report. Call your local police department to file a report.
If you don’t take these steps, identity thieves can use your personal information to:
• set up credit card accounts,
• divert your current statements to another address,
• create counterfeit checks or obtain a loan,
• clone your ATM or debit card,
• establish phone or utility accounts,
• get a job,
• obtain a driver’s license or official ID card in your name.
Worst of all, you could be liable for the damages if you don’t act quickly.
Insurance can help
If you become a victim of identity theft, insurance can help you regain your identity and good financial standing as well as give you peace of mind.
Identity theft coverage will reimburse you for the cost of phone bills, lost wages, notary and certified mailing costs, and sometimes attorney fees.
Some insurance companies provide the coverage as part of a homeowners insurance policy, while others offer it as a stand-alone policy or as an endorsement, or add-on, to a homeowners or renters policy. Typically the premiums are inexpensive—between $25 and $50 for $15,000 to $25,000 of protection.
Contact us today at 1 (877) 352-2121 for more information on protecting yourself with identity theft coverage.
