2005 Year in Review

Lost Wallet or Purse Can Turn a Vacation into a Nightmare

Source: Lois E. Smith, Extension Educator, Consumer and Family Economics, smithle@uiuc.edu

A fun summer vacation can quickly turn into stress and sleepless nights if your wallet or purse is stolen. A thief can use the information in your wallet to take your identity and ruin your good name and credit history.

"Identity theft has become all too common," says Lois Smith, University of Illinois Extension consumer and family economics educator. "A thief can use your credit cards and checking account number to set up new accounts in your name, and then go on a spending spree. This kind of identity crisis could go on for months or even years – and getting the situation resolved can be a nightmare."

If your wallet is lost or stolen, the Federal Trade Commission (FTC) suggests that you take the following steps to minimize the potential for identity theft:

-- Immediately file a report with the police. Get a copy of the police report in case your bank, credit card company or insurance company requires proof of the crime.

-- Contact the fraud department of any one of the three major credit bureaus listed below to place a fraud alert on your credit file. A fraud alert can help stop someone from opening new credit accounts in your name. As soon as the credit bureau confirms your fraud alert, the other two credit bureaus will be automatically notified to place fraud alerts. Once the alert is placed, you may order a free copy of your credit report from all three major credit bureaus: Equifax, (800) 525-6285; TRW, (800) 680-7289; and Trans Union, (800) 422-4879.

-- Immediately close accounts, like credit cards and bank accounts. When you open new accounts, place passwords on them. Avoid using your mother's maiden name, your birth date, the last four digits of your Social Security number (SSN) or your phone number, or a series of consecutive numbers.

-- If your driver's license, social security card, or other government-issued identification is lost or stolen, contact the agency that issued the license or other identification document. Follow its procedures to cancel the document and to get a replacement. Ask the agency to flag your file so that no one else can get a license or any other identification document from them in your name.

-- Call your utilities, including your telephone company. Tell them that someone may try to get new service using your identification.

-- Change the locks on your home and car if the keys were taken. Don't give an identity thief access to even more personal property and information.

-- File a complaint with the FTC. The FTC maintains a database of identity theft cases used by law enforcement agencies for investigations. Filing a complaint also helps the FTC learn more about identity theft and the problems victims encounter.

For more information on recovering from identity theft and help with specific problems, visit the FTC's "Take Charge: Fighting Back Against Identity Theft" website at Take Charge.

by  Editor, theCity1.com
August 2, 2005