Identity Theft

If you have not been a victim of identity theft, then you have no idea what problems it will cause you, nor do you know how much a hassle it it to restore your good name.  Likely you listen to all the commercials on TV and radio and wonder why such a fuss over the idea of losing some numbers and such. I have personal experience with it so I know.

 

Let me give you some free advice, that you should make use of or just ignore and regret. There are two numbers in your life that you must never give out without serious consideration.  Your Social Security number and your bank account number.

 

Your SSN must be given to those who need to report to the IRS, such as banks, investment houses, and your employer. Virtually no one else needs that number. Do not be swayed into giving it to your cable operator, city or county governments, or anyone or any business just wanting it for use in identifying you.  They do not need it and you are not required by law to give it to them no matter how much they insist. Tell them NO and stand by it.

 

As for your bank account number no one other than your bank needs that.  Your bank account number in someone else's possession is a ticket to them emptying your account without your consent.  If you use online transfer of funds be extremely careful about making all transactions a one time authorization. Do not allow companies to have ongoing access to your bank account. Also, do not use your debit card for paying bills.  I know it is simple and easy, but it is dangerous. If someone gets that number they can take out of your account any amount for the most part and the bank is not liable for one penny to you. Yes, many banks do refund your stolen money, but they do not have to do so by law. Use your credit card for regular purchases and have the discipline to pay your bill monthly. You can also get a cash back card and make some money here as well.  You DO have protection from theft with credit cards. Final note, NEVER carry your checkbook with you and avoid writing checks unless no other way to pay. Ask those who you pay who do not offer payment by credit card to change their policies. Tell them if they do not you will seek to do business with those who do. I have done that and got response from even governmental agencies.

 

Now I know most of what I suggested above is extra work or a hassle currently, but it is nothing compared to the hassle of identity theft. Let me give you some idea of what happens with identity theft. The person who steals any of your above numbers can open credit cards and accounts in your name and buy thousands of dollars of merchandise in your name. Most of it you are generally are not required to pay back, but trust me some of it you very well might be required to pay back. When my identity was stolen I was able to avoid paying back a couple of credit cards, but one company had me in small claims court where the company got a judgement against me and I ended up paying several thousand dollars for something I never purchased. Yes, trust me it can happen. Add to that I could not get a cell phone for about one year since the person purchased two cell phones in my name and never paid the bill resulting in no cell phone company allowing me to have a phone. Try not having a cell phone for a year.  The theft caused me significant hardship in trying to purchase a car. But the real problem was dealing with banks who would no longer trust you and credit agencies who had my credit scores in the sub 500 range. Dealing with credit agencies and proving to them you are who you are is a major problem and took me over 18 months to clear that up enough so I could again purchase things and get credit cards again. Yes, your credit cards and debit cards are revoked many times when you have identity theft.

 

So ignore this advice to your own peril, but trust me you will remember this posting when your identity is stolen and it is done everyday. Identify theft is the fastest growing crime, because people are not careful.