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What Happens When A Thief Steals Your Identity

By Victor Hood

A thief, regardless of what kind of thief, can steal anything. Thieves can drive away with your car or steal television sets, entertainment systems, guns, money or even prized collectibles like stamps or baseball cards. You may be able to replace some items but not the others. You can repurchase some stolen items if they are part of your insurance. But other items have sentimental value and there’s no replacing them.

Your identity, though, is the most important thing that thieves are capable of stealing these days. This is a very common scenario in America, where an identity thief can pose as you to apply for a loan or a credit card, and get treated by the financial institution as if it was you yourself. Simply put, a thief would pretend to be you, use your information, and wait until the financial institution approves his/her application for credit.

It can be a very unpleasant feeling that could leave you beside yourself once you find out. It could be occurring at this very minute without your knowledge. Someone has gone to a lot of trouble becoming you and learning about your financial and personal self to live your life until discovered. You may only realize this when you get a call from your credit card company’s collections department or a bill asking you to pay an outrageous sum of money.

It only gets worse. Then, your credit report will reflect negative information about you and your bill payment history. Your credit score will go from good to bad in no time flat and you will have a hard time getting a loan approved when it is really you who needs it at that time. The worst part of it all is that you will be guilty until proven innocent, a sad reality of being an unaware victim of identity theft.

Your creditors will claim that your balance has gone sky-high and your payments are delayed. Then they will show you the cold, hard facts. They will show you the bills you ignored because you were not even aware of them in the first place. They will often insist that they are right and you may end up in court to prove your innocence. You will then need to come up with proof that you did not make all those charges. Add to the fact that you’ll need to pay for lawyer’s fees, it could be very costly for you to prove your innocence.

Your most deadly weapon in the war against credit identity theft is vigilance – you’ll need a lot of it when guarding your financial information. You may have a joint account with your spouse or significant other – let communication be open when it comes to what’s being charged. Be aware of any unusual high balances and expenditures. Look for late pays. Are there no unauthorized charges or payments on your statement?

Something fishy must be going on if you’ve been getting a lot of credit card offers. Credit card offers can easily be stolen from mailboxes, and thieves can conveniently apply using this technique. Have your name taken off these lists ASAP! You need to know why your statements are getting to you late. They could be stolen or diverted to another address.

It’s not your creditors’ fault, though – always remember that. They’re just reporting the facts as they know them. But don’t expect to get any money back – this is just a preventive measure – the thief would usually get away scot-free.

Keep all valuable papers out of sight from visitors in your home. Check your credit reports frequently. And if there’s something amiss, have it fixed right away. It could take up to three months to make reparations.

Credit identity theft can be a major source of financial and emotional stress. An ounce of prevention is greater than a pound of cure, but you may be prepared to deliver both by calling the proper authorities should identity theft happen. There is no denying how important good credit and security can be for the good of your family. It’s one of the most valuable assets you possess. So keep them safe!

Contact a professional, reliable electrician that’s ready to help.

Article kindly provided by UberArticles.com

Topics: Identity Theft | Comments Off

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Article Citation
MLA Style Citation:
Hood, Victor "What Happens When A Thief Steals Your Identity." What Happens When A Thief Steals Your Identity. 24 Apr. 2012. uberarticles.com. 20 Jul 2014 <http://uberarticles.com/legal/identity-theft/what-happens-when-a-thief-steals-your-identity/>.

APA Style Citation:
Hood, V (2012, April 24). What Happens When A Thief Steals Your Identity. Retrieved July 20, 2014, from http://uberarticles.com/legal/identity-theft/what-happens-when-a-thief-steals-your-identity/

Chicago Style Citation:
Hood, Victor "What Happens When A Thief Steals Your Identity" uberarticles.com. http://uberarticles.com/legal/identity-theft/what-happens-when-a-thief-steals-your-identity/


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