Identity Theft

We were very proud to have Jerry Laws on the show today (8/27/04)
to talk about Identity Theft and ways to protect yourself. 

According to the Consumer.gov website, there were 1317 reports of ID Theft in New Mexico last year. Nation wide, there were over 204,000 reports. The most common age range of those reporting ID theft were 18-29.  New Mexico ranks 13th nationwide in ID theft.  Las Cruces ranks third in New Mexico, behind Albuquerque and Santa Fe.

Some important points brought up by Jerry Laws today:

Once you realize that your credit cards have been stolen, you have 48 hours to report it to only be responsible for $50.  You have up to 60 days to report it to only be responsible for $500. If you wait past 60 days, you will be responsible for the entire amount charged.

Call the Federal Trade Commission IMMEDIATELY after credit card or ID theft.
1-877-ID THEFT (877-438-4338).  This is a 24 hour line.

Always sign your card.  Don't do what Melanie did - not sign and only print "See I.D." in the signature box.  If you do, you could be responsible for the entire amount stolen.  Not signing the card means you do not accept the liability associated with credit card theft.

Check your credit report at least once a year.  There are 3 reporting agencies and they don't 'talk' to each other so it's possible that some information on one report won't be on another.  (Example - When Mel pulled her reports, she discovered that an old loan was still on one report and it was listed as a write off, which was incorrect.  This information brought her credit rating down tremendously. )  Legally, these agencies can only charge you $9.00 per report.

Equifax - 1-800-685-5111
Experian - 1-888-Experian
Trans Union - 1-800-888-4213

If you find something that doesn't make sense or is incorrect, obtain the paperwork to correct it!

Websites like freecreditreport.com are "ok" but it's best to deal with the
reporting agencies directly.

You can password protect your credit cards.  Call your credit card companies and ask them about their fraud alert/protection programs and enroll in them.

If you are going on a vacation, especially overseas, contact the credit card companies to let them know.  Credit card companies now track their accounts and will red flag accounts with out of the ordinary charges. If you are overseas when this happens, you won't be able to use your cards until you call them.  If you are planning a big dollar amount purchase, let your credit card company know as well.

Check your wallet and purse.  What are you carrying?  Do you need to carry all those credit cards?  If not, consider getting rid of the ones you rarely use.  If you carry department store cards, get into the habit of only carrying them when you are going to that store.  Keep them in a fireproof lock box when you don't need them.  Carrying all those cards just opens yourself up to more headaches if your wallet/purse is stolen.

Make copies of everything in your wallet, front and back.  Keep those in a safe place in your home.  If your wallet/purse is stolen, you'll have all the information you'll need to contact the companies.

Instead of leaving your mail (with your checks paying your bills) in your mailbox, drop them off at the post office.  Thieves are so good these days that they can take those checks and 'wash them' to get rid of all your writing to re-use them.  Your check also holds your account number.

Speaking of mail, how many credit offers do you get each day?  Alot, we're sure.  Invest in a shredder - you can get them for $30 at Office Max, Staples, Wal-Mart and so on.  Get one that has a credit card slot.  Shred everything inside the envelope.  This includes checks that you get from your bank for loan offers.

Legally, on the IRS and Social Security Administration can ask for your Social Security number.
(Granted, those of us who are militarily inclined use our numbers as ID's for DOD).  If you are purchasing something and are asked for your number, refuse!  Ask them why they need your number.  If it's for your credit report, obtain a report yourself, black out your number and give it to them.  Colleges like NMSU use social security numbers as student ID's.  Ask them to issue you a randomly generated number instead.

Check your credit card statements monthly and alert your credit card
company to any suspicious charges.

If you shop online, you can get 'rotating' credit card numbers which are single use.  Contact your CC company for more information on these.

There is SO much more information that we couldn't get to this morning, including Internet Safety.  We will have Jerry back to talk about this and more regarding ID Theft.  If you have any questions, you can call Jerry Laws at 644-3635 or email Vince and Mel and they'll get the answer for you from Jerry.