Wallingford, CT - May 23, 2011 – An estimated nine million Americans have their identities stolen every year. Most don’t find out until they are turned down for a loan or credit card, contacted by a debt collector or discover charges on their credit cards for purchases they never made.
Although there are paid services that can help identify suspicious activity that may indicate your personal information has been compromised, there are a number of ways to protect your identity information for free.
Connecticut Better Business Bureau offers five resources you can tap to protect your identity without having to spend a penny:
Start with your bank – Most financial institutions offer services to monitor your transactions, and will contact you immediately if there is suspicious activity, for example, any transaction of more than $150. The key to preventing the many problems caused by identity theft is to move quickly.
Free insurance – ID theft insurance is often included in homeowner insurance policies at no extra cost. Speak with your insurer to determine whether you are covered and discuss the terms and conditions.
Keep an eye on your credit reports – Your credit reports will tell you if someone else is opening lines of credit in your name. You can obtain reports from the three major credit reporting bureaus,
Experian,
Equifax and
TransUnion free of charge every twelve months from the only government-sanctioned source,
www.annualcreditreport.com. You can monitor your credit reports all year long by checking with one of the three bureaus every four months.
Stay on the alert – If you find unauthorized financial activity, contact the credit reporting agencies to place a “fraud alert” on file. This will let lenders know that if someone applies for credit under your name, they may have stolen your personal information, such as your date of birth, Social Security number and address.
Freeze your credit – A “credit freeze” is a more powerful tool than a fraud alert. A permanent credit freeze puts the brakes on any new creditors from accessing your credit report. You must request a credit freeze from each of the credit reporting agencies.
Identity theft is much easier to prevent than fix. A rule of thumb is “If you don’t need it, shred it and get rid of it.” This applies to bank statements, canceled checks, credit card bills and receipts with your signature. Keep all documents with personal information tucked away in a safe place, out of view.
Your BBB offers more tips to help you protect your money at
http://www.bbb.org/us/consumer-tips-finance.
Founded in 1928, Connecticut BBB is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. BBB offers objective advice and a wide range of education on topics affecting marketplace trust.
BBB also offers complaint and dispute resolution support for consumers and businesses. Today, 128 BBBs serve communities across the U.S. and Canada, evaluating and monitoring more than three million local and national businesses and charities. For more advice on finding companies and businesses, start your search with trust at www.bbb.org/.
