Identity Theft - How Scamsters Use Your Personal Information
To use my personal information for identity theft, identity thieves first have to get that information. They do so in many ways.
* They get information from businesses by stealing records, bribing an employee with access to those records, etc.
* They may steal my mail, get bank and credit card statements, or tax information etc.
* They may steal my credit/debit card information through many means, including 'skimming'.
* They may steal my wallet.
* They may divert my mail to another address by filling a 'change of address form'.
Once they have my personal information, they can use it in many ways to defraud me. Identity theft can be disastrous to me in the following ways.
Change of address - They can call my credit card company and have the billing address changed. They run up huge bills on my credit card, which I would not be aware of, as I no longer receive my monthly bills. By the time I realize this, I am neck deep in debt.
New credit cards - They open new credit card accounts in my name and do not pay the bills. These get reported on my credit report and lead to bad credit rating.
Other services - They can establish new phone connections, open a new bank account in my name and write bad checks on that account. They can electronically transfer and drain my bank account. They can buy a car with an auto loan in my name. Filing of fraudulent tax returns, getting a driver's license issued, and may even give my name during an arrest. As I will not be showing up for their court date, a warrant would be issued for my arrest.
Bankruptcy - To avoid paying debts, which they have incurred in my name, they can file for bankruptcy in my name.
This is how dangerous <u>identity theft</u>, and credit card fraud, is. In the next article, I will help you with different methods to help avoid credit card frauds.
Jon Sterling tries to help you overcome Identity Theft problems through informative articles to help you reach your personal financial goals.
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