What Is A Victim? Identity Theft Victim If you become a victim, there is good news and there is bad news. First, the good news. In general, an identity theft victim who suffers credit (card) and banking fraud will be liable for no more than the first $50 of the loss per account (15 USC 1643). Note: This does not seem to apply to debit cards. You're on your own here. Also, the fraudulent use of identification documents and information is a Federal crime. The Identity Theft and Assumption Deterrence Act of 1998 became effective October 30, 1998 makes identity theft a Federal crime with penalties of up to 15 years in prison and a maximum fine of $250,000. See the text of Title 18 United States Code - Section 1028. In addition to Federal laws, your state may also have identity theft laws that can help you. Contact your states Attorney General's office or visit the consumer protection agency. The bad news is that you will have to work hard and long to clear up your credit record. For starters, here are some overall suggestions: Keep careful records of everything you do and everyone you talk with. Record the dates, names, affiliation, and time spent with those you contact. Record the outcome of each encounter, including what the other person promised to do and what you promised to do. Keep copies of every correspondence. Follow up all conversations (on the phone or in person) with a written summary of your conversation. Send all correspondence to law enforcement agencies, credit grantors, and credit reporting agencies by certified mail. Keep copies of the correspondence and the certified mail receipts. Never agree to pay any portion of the debt to get collection agencies off the case. This is an admission of guilt and will go against you in the long run. You could be liable for any remaining debt you have not cleared up. Prepare to fill out signed affidavits of forgery to establish your innocence for all the financially involved parties. Identity Theft Protection If you are serious about protecting your credit and want identity theft coverage, you can examine Privacy Matters 1-2-3 Identity Theft Protection Service. This resource provides: Triple Bureau Credit Monitoring provides automatic alerts when activity is detected to your credit files at all three credit bureaus FREE 3-in-1 Credit Report and Triple Score — get unlimited online access to your 3-in-1 Credit Report and Triple Score, which merges your credit information and scores from all three credit reporting bureaus into one easy-to-read report Online access to FICO® Scorewatch, which automatically notifies you of changes to your FICO® score — at members-only rates Unlimited, toll-free access to Credit Report Customer Service Enroll in Identity Theft Restoration Services — at no additional cost to you Check out Privacy Matters 1-2-3 Identity Theft Protection Service today. Problems You Can Encounter My wallet was stolen in December 1998. There’s been no end to the problems I’ve faced since then. The thieves used my identity to write checks, use a debit card, open a bank account with a line of credit, open credit accounts with several stores, obtain cell phones and run up huge bills, print fraudulent checks on a personal computer bearing my name, and more. I’ve spent the last two years trying to repair my credit report (a very frustrating process) and have suffered the ill effects of having a marred credit history. I’ve recently been denied a student loan because of inaccurate information on my credit report. From a consumer complaint to the FTC, February 22, 2001 I’m tired of the hours I’ve spent on the phone and all the faxing I’ve had to do. When will it be over? From a consumer complaint to the FTC, March 13, 2001 Tomorrow is Sunday so we won’t get any notices, but I’m not looking forward to Monday’s mail. From a consumer complaint to the FTC, November 13, 2001 How can someone commit identity theft? The Federal Trade Commission explains how identity theft is committed: By co-opting your name, Social Security number, credit card number, or some other piece of your personal information for their own use. In short, identity theft occurs when someone appropriates your personal information without your knowledge to commit fraud or theft. Once identity theft is committed, then what? Once identity thieves fake your identity, they: Open a new credit card account, using your name, date of birth, and Social Security number. 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, change the mailing address on your credit card account. Then, your impostor runs up charges on your account. Because your bills are being sent to the new address, you may not immediately realize there's a problem. Establish cellular phone service in your name. Open a bank account in your name and write bad checks on that account. More information is available here about: How to commit identity theft How to prevent identity theft Help for victims of identity theft Back to the main page of Identity Theft Victim Of Social Security Theft Learn How To Fraud Credit Cards Identity Theft New Zealand Help Stealing Mail Theft Identification Prevention Identity Theft Used My Debit Card Checking Account Loan Broker Identity Theft Merchant Fraud Protection Identity Theft Is Committed Identity Theft And Picture Copyright © 2004-2010 Robert Sherman