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Identity theft 101

Identity theft is the fastest growing crime in America. According to the Federal Trade Commission, the number of identity theft incidents has reached 9.9 million a year. These crimes are estimated to have taken the average victim $500 and 30 hours to resolve.

From stolen credit cards to total identity kidnapping, these ugly and prevalent crimes are hard to prevent and often difficult to correct. Although it is hard to truly avoid becoming a victim of identity theft, TrueCredit recommends a few ways you can guard against this damaging crime.

Types of identity theft
Identity theft is becoming increasingly personal these days. A recent study found that 32% of identity theft victims found a family member or relative was responsible and 18% had been victimized by a friend, neighbor, or in-home employee. Most cases can be resolved fairly easily if they are caught early. Creditors and banks usually hold you responsible for only the first $50 of fraudulent charges. The most serious cases of fraud can take several years and many resources to resolve

Preventative measures
In this world of sophisticated technology, it can be tough to keep your identity safe. The best security policy is to be aware of fraud and cautious about where you share personal information. Check your account statements carefully each month and keep an eye out for suspicious activity on your credit report. A paper shredder can also be a powerful tool for making sure personal information and pre-approved credit offers don't end up in the wrong hands.

If your identity is stolen
If you suspect that your identity has been stolen, the first step is to get all the facts about the damage. Become your own detective—search your credit report and bank accounts for clues. Ask your creditors to immediately cancel any fraudulent charges and put fraud alerts on your credit reports. If the theft is serious, file a police report. If fraudulent records start to show up on your credit report, contact the reporting agencies for assistance. Sign up for a credit monitoring service to inform you of changes to your credit. It may take a while to fully recover the security of your accounts, but it’s crucial that you don't let the fraud escalate.