By definition, identity theft is the use of someone’s personal information by another to commit any act of fraud. Identity theft is not just about credit cards, as the TV commercials might lead you to believe. Somewhat overlapping, any identity theft falls into at least one of the following five categories:
- Drivers License.
- Social Security.
- Medical Records or Insurance.
- Character/Criminal.
- Financial.
According to the Federal Trade Commission, the average identity theft victim spends over 600 hours (about 15 40-hour weeks) and thousands of dollars in the quest to clear their name.
If you are a victim, you will first need to stop the thief in his tracks:
- Immediately involve law enforcement. Get a case number that will be required in everything else you do.
- Notify involved institutions and government agencies that your identity has been compromised. Enter fraud alerts and freeze your credit.
Unless you are a forensic accountant, with lots of spare time, you’ll also need lots of professional help. Contact RMCN Credit Services for assistance in identity theft restoration, should you become a victim.
