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Identity theft: Guarding your good name
Identity theft is a frightening—and fast-growing—phenomenon. Identity thieves first illegally obtain personal information, such as Social Security numbers and bank PINs, then use the information to open fraudulent accounts in their victims' names. Victims may remain unaware of the fraud until it already has damaged their credit scores; by then, the effects can take years to repair. Fortunately, steps can be taken to protect your credit information. The following Web sites offer reliable and reputable advice.
The best defense against identity theft is vigilance. You should order a copy of your credit report once a year from one or each of the three major credit reporting agencies: Equifax http://www.equifax.com, Experian http://www.experian.com and TransUnion http://www.tuc.com. Examine the report carefully for accounts you did not open or purchases you did not make.
In most cases, there will be a fee—starting at $9—for ordering your credit report from each of these agencies; in some cases, such as a recent denial of credit, the fee may be waived. There are many Internet sites that claim to offer "Free Credit Reports." You should be aware that most of these sites are scams intended to collect the personal information that you are trying to protect. The non-profit organization Identity Theft Resource Center http://www.idtheftcenter.org/index.shtml maintains a guide to other current scams and consumer alerts, as well as an "IQ" (Identity Quotient) test that assesses your level of vulnerability.
Identity theft is a federal crime and several federal government agencies maintain useful sites with advice and information. The Federal Deposit Insurance Corporation (FDIC) page, "When a Criminal's Cover Is Your Identity," http://www.fdic.gov/consumers/privacy/criminalscover/index.html provides a checklist of seven ways to prevent your personal information from falling into the wrong hands and a special guide to protecting your identity on the Internet.
Finally, the Federal Trade Commission has established a comprehensive Web site for identity theft resources at http://www.consumer.gov/idtheft/index.html. Click on the "Consumer Information" tab to see a list of frequently asked questions, including how to identify a scam and what to do if you've already given out your personal information. This page also links to the free online FTC publication, ID Theft: When Bad Things Happen to Your Good Name http://www.ftc.gov/bcp/conline/pubs/credit/idtheft.htm, a step-by-step guide to minimizing risks and resolving disputed transactions.
—Jennifer L. Behrens, University Libraries