“Identity theft” is defined by the Fair Credit Report Act as “the use or attempted use of an account or identifying information without the owner’s permission.” Millions of Americans are victimized by this fast growing crime every day. Some analysists are calling identity theft the “crime of the century.” What makes it even more devastating is that a person’s financial or social status does not matter to thieves. No matter who you are or where you are from, your personal information is at risk. And, once it’s in the hands of a thief, your life may never be the same.

Here are a few examples of what can happen if your personal information gets in the hands of someone who misuses it:

  • Gain access to your credit card account, bank account or brokerage account
  • Open new credit cards in your name
  • Buy a new car in your name
  • Take out a loan in your name
  • Get expensive surgery and other healthcare-related matters in your name
  • Get an out of state driver’s license in your name and leave you stuck with their tickets and possible arrest warrants

Experts say that within the next few years having identity theft insurance will be as common as health insurance. The only reason it may take the public that long to realize the extent of this problem is because many are still unaware of the risks and dangers this crime poses.

There is absolutely no doubt that identity theft will get much worse before it gets any better. One of the reason’s is the amount of money criminal make from this dreadful crime. According to USAToday (October 12, 2006), here’s what some are willing to pay for your personal information:

  • $500 for a credit card with PIN
  • $80-$300 for a change of billing information with an account number, billing address, social security number, home address and birth date
  • $150 for a driver’s license
  • $100 for a social security card
  • $7-$25 for a credit card number with security code and expiration date

Even employees at places you visit everyday like restaurants, grocery stores, utility companies and healthcare providers could also be selling your information on the black market. Who can you trust? The affect this may have on your credit could take years to repair and prevent you from getting a new credit card, mortgage, health insurance and a new job.

Preventing identity theft is more important now than ever before. Are you at risk? And what would you do if someone stole your credit card and bank account information?

Remember. Identity theft will soon be as essential as health insurance. You won’t want to be without it.

 

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