Defining Identity Theft - Protecting Your Credit Rating |
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By: Sky Joe Posted: 2006-12-02 02:16:08 |
| A concise definition of identity theft is the appropriation of an individual's personal information to impersonate that person in a legal sense. Stealing someone's identity enables the thief to make a frightening number of financial and personal transactions in someone else's name, leaving the victim responsible for what might turn out to be mind-bogging turmoil in his or her life.Identity theft is not new. It has been around for a long time. There was a time when an individual could flee his or her life, town and mistakes, and go somewhere far away, pretending to be someone else. The ramifications of stealing someone's identity then did not have the far-reaching implications that they do today for the person whose identity is stolen. Those were the days before credit reporting and high-tech methods of tracking and sharing information were commonplace.Identity theft can still be done by such low-tech means as previously described - knowing someone else's basic identifying information and initiating personal transaction in that person's name. Today, identities can be stolen using highly technical and sophisticated means of obtaining the confidential information of a stranger. Whatever method is being used, it only translates to one thing: an individual can become someone else very easily. The difference today is what an identity thief does as someone else reflects very quickly on the victim's reputation. An individual's life can be devastated by the loss of his or her good name and the financial or personal mess that results.Identity theft criminals usually take your personal information and use it to harm you in a number of ways including opening new credit card accounts in your name, gaining access to your credit card account or bank account, buying new cars and taking car loans in your name, buying cell phones using your name or even committing crimes. Though you may not be responsible for fraudulent charges, the damage to your credit as reflected in your credit report can affect your employment, loan applications as well as any future credit arrangements you may wish to establish in future.Identity theft is always personal-after all, it is one's own identity that is stolen! Someone literally assumes your identity and leaves a damaging trail of credit card abuse and exposed personal information all over the internet ( to your creditors). Thieves can be just beside you: relatives, friends, roommates, boyfriends, estranged spouses or even your best buddy! |
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