Consequences of Idenity Theft

The definition for identity theft is the fraud appropriation and use of someone’s identifying or personal data or documents as a credit card. Identity thieves usually make multiple credit cards under one name causing bad credit and debt to the innocent victim. Most people don’t realize that

they’ve been a victim of identity theft until they either try to buy a car, buy a house, or get another credit card issued in their name. Almost impossible to catch, indentity theives are almost impossible to catch, they are finding newer and newer ways to steal your identity.

Identity thieves can get your information in many different ways. The traditional way to get your information is by get shredded credit card applications and bank statements with your SSN number on it. Experiments have been done and even if an application is sent in taped it may be accepted.

Another way is that your restaurant waiter/wateriest when swiping your card may take your credit card number. They often are working for some identity theft ring and you may become a victim.

The Toll On The Victim
Those who haven’t been victims of identity theft usually don’t realize the true toll. The victims often don’t get their name cleared. They also have ruined credit and most creditors have lost trust in them, even though it wasn’t their fault.

They are unable to buy a house, car, or get new credit cards. If they can receive these things, they pay a higher interest rate. It takes years to get their name clear, and their record will always be marked.

Their can be many ways to stop identify theft. The major thing you can do is instead of buying a linear shredder, you should buy a criss-cross shredder. Some people also try to limit their credit card use to reduce the risk of their SSN number being spread around.

Statistics of identity theft can go on and on. The most startling stats is that identity theft is decreasing. The numbers have gone from 10.1 million in 2003 to 8.4 million in 2007. The yearly fraud amount has decreased from $55.7 billion in 2006 to $49.3 billion in 2007. And also, the mean for fraud amount per fraud victim has decrased from $6278 in 2006 to $5720 in 2007.

Regardless of the fact that identity theft numbers are lowering, it’s still a terrible crime for the victims. The thieves that commit these crimes are almost never caught and ruin the lives of their victims.

Whether by credit card aplications, pickpockets, or by someone in allowed contact with your credit card, your identity can be stollen many ways. There is only one way to lower your chances of identity theft is to take percations starting with your shredder and ending with your trust.