Thursday, May 12, 2005

How you get stuck Paying when Thieves steal your Personal Identity

How you do pay when identity thieve steal your personal information?

Go on spending sprees using your credit and debit card account numbers to buy "big-ticket" items like computers that they can easily sell.

Open a new credit card account, using your name, date of birth and SSN. When they use the credit card and don’t pay the bills, the delinquent account is reported on your credit report.

Call your credit card issuer and, pretending to be you, ask to change the mailing address on your credit card account. The imposter then runs up charges on your account. Because your bills are being sent to the new address, it may take some time before you realize there’s a problem.

Buy cars by taking out auto loans in your name.

Establish phone or wireless service in your name.

Counterfeit checks or debit cards, and drain your bank account of all available funds.

Open a bank account in your name and write bad checks on that account.

File for bankruptcy under your name to avoid paying debts they’ve incurred under your name or to avoid eviction.

Give your name to the police during an arrest. If they’re released from police custody, but don’t show up for their court date, an arrest warrant is issued in your name.

The common trait with all of these common identity theft methods, is the consumer was not aware they're personal information had been stolen.

Stay tuned for upcoming posts where you will learn methods and sources to protect yourself from becoming a potential identity theft or credit information victim.

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