Identity Theft and How It Can Affect You

Identity theft is on the rise. Approximately 750,000 cases occur annually and it is the fastest growing financial crime in America. In addition, a recent survey found that more Americans are concerned about being a target of identity theft than they are of losing their jobs. Based upon our reliance on electronic record online transactions and the Internet's ability to distribute personal information, this crime is increasing at a rapid rate.

Thankfully, identity theft insurance is available. Identity theft insurance provides reimbursement to victims of crime for the cost of restoring their identity and repairing credit reports. There are essentially three ways to obtain this valuable coverage:

Through homeowners or renters insurance. Some insurance companies offer identity theft coverage by simply charging a minimal premium of approximately $25.00. This coverage is added on by endorsement, as it is usually not part of the standard policy. Each company may differ in the amount of coverage available, the deductible, and the coverage limitations, but it is certainly well worth inquiring with your insurance agent.
As a stand-alone policy. Several major insurers offer a separate identity theft policy. The cost could range anywhere from $60-$180.00 a year.
Through a credit card. This coverage can aid in reducing earnings lost by taking time off from work to meet with law enforcement agencies, some attorney fees, phone calls to collection agencies, or to remove criminal or civil judgments entered wrongly against the insured.

Learn about the importance of background screening, how to conduct effective background screening using in-house personnel or a Consumer Reporting Agency, and comply with the Fair Credit Reporting Act (FCRA) and other relevant laws.

Here are a few tips on how to protect yourself from identity theft:

Do not reveal personal information until you know how it will be used and if it will be shared with others.
Pay attention to your credit card billing cycles. If a bill is missed this could mean your account has been taken over by an identity thief and your billing address has been changed.
Deposit your outgoing mail at the post office rather than leaving it sit in your mailbox where someone can easily remove it and obtain your personal information. Order a copy of your credit report from at least three major credit reporting agencies a year. Verify that the activities are only those that you have authorized. The cost is minimal for the report but it will allow you to have peace of mind.

If you are a victim of identity theft the first thing you need to do is contact the fraud departments of each of the following three major credit bureaus.

Equifax: To report fraud, call (800) 525-6285

Experian: To report fraud, call (888) 397-3742

TransUnion: To report fraud, call (800) 680-7289

Provided by: HRTutor.com and The Human Equation Email this article Identity Theft and How It Can Affect You By: Gail Mendella
Identity theft is on the rise. Approximately 750,000 cases occur annually and it is the fastest growing financial crime in America. In addition, a recent survey found that more Americans are concerned about being a target of identity theft than they are of losing their jobs. Based upon our reliance on electronic record online transactions and the Internet's ability to distribute personal information, this crime is increasing at a rapid rate. Thankfully, identity theft insurance is available. Identity theft insurance provides reimbursement to victims of crime for the cost of restoring their identity and repairing credit reports. There are essentially three ways to obtain this valuable coverage: Through homeowners or renters insurance. Some insurance companies offer identity theft coverage by simply charging a minimal premium of approximately $25.00. This coverage is added on by endorsement, as it is usually not part of the standard policy. Each company may differ in the amount of coverage available, the deductible, and the coverage limitations, but it is certainly well worth inquiring with your insurance agent. As a stand-alone policy. Several major insurers offer a separate identity theft policy. The cost could range anywhere from $60-$180.00 a year. Through a credit card. This coverage can aid in reducing earnings lost by taking time off from work to meet with law enforcement agencies, some attorney fees, phone calls to collection agencies, or to remove criminal or civil judgments entered wrongly against the insured. Learn about the importance of background screening, how to conduct effective background screening using in-house personnel or a Consumer Reporting Agency, and comply with the Fair Credit Reporting Act (FCRA) and other relevant laws. Here are a few tips on how to protect yourself from identity theft: Do not reveal personal information until you know how it will be used and if it will be shared with others. Pay attention to your credit card billing cycles. If a bill is missed this could mean your account has been taken over by an identity thief and your billing address has been changed. Deposit your outgoing mail at the post office rather than leaving it sit in your mailbox where someone can easily remove it and obtain your personal information. Order a copy of your credit report from at least three major credit reporting agencies a year. Verify that the activities are only those that you have authorized. The cost is minimal for the report but it will allow you to have peace of mind. If you are a victim of identity theft the first thing you need to do is contact the fraud departments of each of the following three major credit bureaus. Equifax: To report fraud, call (800) 525-6285 Experian: To report fraud, call (888) 397-3742 TransUnion: To report fraud, call (800) 680-7289
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