The right information in the wrong hands can lead to some terrible outcomes. Identity theft is a crime on the rise, one that can wreak havoc on your finances and credit history, two key components in your ability to purchase a home.
Broadly defined, identity theft is when someone steals your personally identifiable information (PII) and uses it without your knowledge to commit fraud. For example, someone could use your information to access an account you own (i.e. checking or savings) or use it to open new lines of credit and make purchases without your knowledge.
The best way to protect yourself is to be proactive. There are thousands of articles online and in print about what you can do. Take the time to research how you can be safer. It is much easier to take precautions now than to untangle your jumbled finances and repair damaged credit after your identity has been stolen.
Below are examples of some of simplest things you can do to protect your PII.
· Never give out your social security number (SSN) unless it is absolutely necessary. Instead offer to provide a less sensitive piece of information. Do not carry your social security card in your wallet or provide it on job applications. If you are invited for an interview, it can be supplied at that time.
· If you use online banking services, do not use the same password on different accounts. Instead create specific keys for each account and use a combination of letters and numbers (SY56G6Y).
· Use a shredder with cross-cutting action to destroy account statements, bills and other documents that contain sensitive information.
· Monitor your credit by requesting a free credit report every six to 12 months.
• Follow up on suspicious charges on your credit cards or unusual activity in other accounts. Reacting quickly can be key to keep the fraud from escalating.
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