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Recently I got a call from a long-time client.
He had a problem. His mother's identity had
been stolen. His mother had recently lost a
spouse and was in the process of moving from a home
to a condo. In the course of contracting for
utility services, my client was advised of the
identity theft. What should he do, he asked?
I suggested a credit report as a first step.
Credit reports, while always relatively inexpensive,
can now be obtained free annually. As of
September 1, 2005, you have the right to a free
annual credit report. Simply sign on to
annualcreditreport.com. This is the official
government website. Do not be distracted or
drawn to other websites that insert the word "free"
in the website address. These other sites are
profit-making businesses that charge annual fees to
help you manage your credit rating.
Why would a credit report be helpful to my client
and his mother with the stolen identity?
Studies have shown that family members are often the
culprit in identity theft. This makes great
sense since family members usually have free access
to the victim's social security number, bank account
information and other important credit information.
It is also easier for a family member to pose as the
victim and answer personal information questions.
A credit report might reveal purchases that will
expose the thief. The other large category of
identity thieves comes from co-workers. Again,
a credit report might help you point to the thief.
Since obtaining a credit report is now free and
easy, you should start to make it part of your
annual routine. I suggest that you run the
report, print off a copy and keep it with your tax
records. Each year you can then compare the
current report with prior reports to determine
whether the new credit accounts are appropriate.
With this new tool, you might catch an identify
theft early in the process and avoid a tremendous
amount of expense and work.
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