What is Identity Theft?
Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft. The crime takes many forms. Identity thieves may rent an apartment, obtain a credit card, or establish a telephone account in your name. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn’t make—or until you’re contacted by a debt collector. Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for e
According to the United States Department of Justice, the terms identity theft and identity fraud “refer to all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, typically for economic gain.” It is important to remember that exposure of personal information is not the same thing as ‘identity theft.’ Even if your personal information is exposed, you will not necessarily experience a fraud or identity theft.
Identity theft is crime where criminals use your personal information, such as your name and social security number to open credit card accounts, or buy items, such as jewelry, plane tickets, or cars in your name. In some cases they also use your information to access your existing credit cards or bank and checking accounts. In most cases these cards and goods are never paid for, and the sellers believe that you are responsible for payment. Their collection attempts can be very disruptive to your time and credit file, although generally you are not legally liable for any repayments. Identity theft is something you definitely want to avoid if possible.
