The NMP Network

[ad#lifelock]
Welcome to our 2nd episode of the new year! Tonight, we will discuss the first type of ID Theft called Credit and Financial Identity Theft.

What is Credit and Financial Identity Theft?

When an ID Thief steals your bank account information, credit card information, savings account information or other types of financial data, they can not only access your existing accounts, however, they can also use this information to open new accounts in your name.

In most cases, an ID Thief will only access existing accounts and drain your accounts, thus stealing your money. At the same time, they will also sign up for credit cards, usually lots of them, and will use these new cards to further steal money from you. Remember, all of these credit cards are in your name with your address and information. The bills go to you!

What can you do to prevent this type of identity theft?

Not much, except to monitor your credit reports and financial statements for unauthorized withdrawals, etc. The first thing you need to do to begin your road to being safe with your accounts, is to check your credit reports. Not just one, but from all three of the major credit reporting agencies.

You are allowed by law, to get a free copy of your credit reports from all three agencies once a year! Visit http://www.annualcreditreport.com to pickup your free copies.

By the way, stay away from places that claim to give you free credit reports. They only do this when you purchase a monthly monitoring service from them! We’ll talk more about these types of services in future episodes.

That’s it for tonight! Next week, we will discuss the next type of Identity Theft, Social Security Number Identity Theft.

Related articles by Zemanta

• Protect Yourself from Identity Theft with LifeLock.com
• Identity Theft by check fraud

Popularity: 11% [?]

Tags: Bank account, Credit card, Crime, Identity document, Identity theft, Savings account, theft