Personal Finance Class Advises Against Identity Theft
Robert Coplin, Matt Castro, Jesse Snider and Joe Tiner
March 13, 2009
**Note: The following informational article was written as a class assignment in Personal Finance class. Other students in the class filmed commercials, made presentations to their class and other classes and created public service announcements informing about identity theft. If this project helps even one person, then it was worthwhile.
There is an incredibly big issue on all of our hands. This issue is taking out a large amount of profit in the United States and is causing bad credit scores for millions. No matter how we try to help stop this issue, people always find new ways to ruin people’s lives.
If someone uses your personal information for example your name, Social Security Number, and your credit card number without your permission, this is considered the issue called Identity Theft. There is an estimated 9 million people who have their identity stolen each year. Identity theft is serious. Many people who have been the victims of identity theft can restore their credit. However, others have spent days, weeks, even years and spent hundreds of thousands of dollars.
These victims have lost many things such as jobs, loans, housing, and cars because people have put negative information on their credit reports. Innocent victims have been arrested for the crimes they did not commit.
There are many ways to lose your identity. Here are just a few common ways: Dumpster Diving, Skimming, Phishing, Changing Your Address, and Old-Fashioned Stealing.
Dumpster Diving is when they go through your trash for information. Skimming is when they steal the numbers off your credit or debit card via computer. Phishing is when they pretend to be someone they aren’t and try to get personal information by phone. Changing Your Address is when they change your address to have your mail sent somewhere else. Old Fashioned Stealing is when they steal your wallet or purse, ext. to get the information.
Although there are many ways they can steal your information, there are also ways to prevent it. First off you should buy a paper shredder to shred any personal papers you throw away, this protects you from Dumpster Diving. Be careful when entering your credit card numbers at ATM’s. People look over shoulders to obtain the information. Another way is to get all your checks mailed to the bank instead of your home address.
Make sure doctors and other businesses that have your information shred the papers instead of just throwing it away. Another way, and probably the best way, is to check your credit report frequently. By law, each person is entitled to one free credit report a year.
Identity Theft is one of the many threats in this day and age. Although it’s really easy to get your identity stolen, it’s also easy to protect it.
If it happens to you:
1. Contact one of the three credit-reporting agencies.
2. Contact creditors for any accounts that have been tampered with or opened.
3. Contact the FTC (Federal Trade Commission).
4. Alert the police in your city.
5. Change all your accounts passwords.
6. Notify the Office of the Inspector General.
7. You may need to change your driver’s license number.
8. Contact your telephone and utility companies.
