Credit Identity Theft
Credit Identity Theft is very common nowadays and while the price of commodities rise, the risk of losing money on unnecessary things can be devastating. How would you feel if you discovered that somebody used your credit card to purchase a high end item that you never seen, never thought of and most especially, never knew.
NEW YORK (CNNMoney.com) — Even weeks after Brenda Clarke’s identity was stolen and thousands of dollars in illegitimate credit card charges were discovered, she is still saddled with extremely high interest rates on her credit cards and a damaged credit score.
“It’s been very frustrating, very time consuming,” she said.
Clarke’s situation is not uncommon. Approximately 15 million Americans are victims of identity theft each year, according to Gartner research firm. And although anyone with a social security number is at risk, safeguarding your information isn’t easy.
Identity theft occurs when someone uses your information to open credit cards or bank accounts, write bad checks or take out loans. Victims can be left with countless charges, years of bad credit and endless aggravation.
Proactive safekeeping of your personal information, including your birth date, social security number and credit card numbers, may be the most effective weapon against identity theft. But if you’re more interested in saving time than money, then there are also many identity theft protection services that will do some of the legwork for you - for a price.
But keep in mind, most services can only warn or insure you against I.D. theft after the fact. And once your identity has been compromised, good luck clearing your name and your credit report.
So in the end, it is better safe than sorry. I’d rather have my identity protected and spend some money for my protection rather than clearing my name and bad credit score. Not having my identity protected could be a lot of wasted money in the long run. This is the price of credit identity theft.
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