Call Us
Log In

Identity Theft

Identity theft is a serious crime that can devastate your finances and credit score.

Identity theft is when someone uses your personal information with your permission, such as your Social Security number, name, or date of birth, to open new accounts and/or make unauthorized purchases.

The close relationship between identity theft and your credit is one of the main reasons why we educate our clients on what identity theft is and how one can protect themselves from becoming a victim.

Here are some key identity theft statistics:

 

  • According to the Federal Trade Commission (FTC), in 2020 alone, there were approximately 1.4 million cases of reported identity theft in the United States alone.
  • Credit card fraud is the most common type of identity theft and accounted for 39% of all reported cases in 2020.
  • Identity theft can have significant financial consequences for victims. In 2020, the total amount of money lost to identity theft was over $3.3 billion.
  • Identity theft can have further non-financial consequences, such as damage to a victim’s credit score, which may result in difficulty in obtaining credit or loans.  Additionally, criminal charges may be brought to the victim if the thief commits crimes using the victim’s identity.
  • Children are also at risk of identity theft and can be particularly damaging because it may go unnoticed for years. In 2020, there were approximately 67,000 reports of identity theft involving children.

 

Common Types of Identity Theft

Identity theft is a type of fraud that can occur in a variety of ways, such as:

  • Phishing scams: fraudsters send emails or messages that look legitimate, asking for your personal information or to click on a link that can install malware on your device.Skimming: scammers use skimmers on ATMs or credit card machines to collect your credit card information.
  • Mail theft: fraudsters steal your mail, which can include credit card statements or pre-approved credit offers, to open new accounts using your information.
  • Data breaches: hackers access databases containing your personal information, such as Social Security numbers, dates of birth, and credit card numbers.
 

How to Protect Yourself from Identity Theft

At Credit Repair Boss, our Long Island identity theft experts recommend several steps you can take to protect yourself from identity theft, including:

  • Monitoring your credit reports: regularly review your credit reports from each of the three major credit bureaus – Equifax, Experian, and TransUnion – to check for any unauthorized accounts or activity.
  • Freezing your credit report: you can place a freeze on your credit reports to prevent anyone from accessing your credit without your permission.
  • Utilizing strong passwords: create strong passwords that are difficult to guess and avoid using the same password for multiple accounts.
  • Being cautious with your personal information: be cautious when sharing personal information online, over the phone, or in person, especially if you’re not familiar with the company or individual.

 

Credit Repair Boss’ Golden Nuggets of Curbing Identity Theft

Years of experience have enabled our Long Island team to become experts at identifying and rectifying identity theft cases. If you suspect you’ve been a victim of identity theft , there are several steps you should take immediately::

  • Contact your bank or credit card issuer: notify your bank or credit card issuer of any unauthorized transactions and ask to have your account frozen or closed.
  • Place a fraud alert or credit freeze: contact one of the three major credit bureaus to place a fraud alert or credit freeze on your credit reports.
  • File a police report: file a police report and obtain a copy of the report to provide to your creditors and credit bureaus.
  • Contact a credit monitoring service: consider using a credit monitoring service to alert you of any changes or suspicious activity on your credit reports.

 

Talk to the Experts 

Identity theft is a serious crime that can have long-lasting impact on your finances and credit score.  By taking steps to protect yourself and regularly monitoring your credit reports, you can minimize the risk of becoming a victim.   If you do become a victim of identity theft, taking swift action can help limit the damage and get your finances back on track. Our team can assist with rectifying your identity theft issues and then assist with repairing your credit.

Get in touch with Credit Repair Boss today if you suspect that you are a victim of identity theft!