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Why Identity Theft Protection Is Important

30th March 2010
By Jesse Whitehead in Criminal Law
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Identity Theft Protection is a concern for some people, although it should be in the minds of everyone who conducts any kind of financial transaction online. The electronic age has forever altered the way in which we control and manage our finances. But the ease and flexibility that new technology has provided to us has also given a new area in which criminals can operate.

Sadly, the rate of identity theft is on the increase around the world. It is a crime that can be carried out remotely on the internet. The fraudster does not even have to leave his or her own home. All it takes to steal an identity is a getting a few pieces of personal information.

The extent of the fraud that will be committed depends on just what personal information a criminal can obtain. If they have details about your address, date of birth, place of work, etc., then it may be possible for them to open a bank account in your name, apply for credit cards, and even take out a large loan.

Another related crime is when an individual acquires information on a bank account or credit card that you already have. For example, if a criminal manages to get your credit card number, he will be able to make purchases that will get billed to you at the end of each month.

Because it is so easy to steal one's identity, it is fundamental that we take all the steps possible to protect our personal information. By the time we find out we have been a victim of identity theft, it is often too late - the damage has already been done.

Many people have found that they can keep track of all the financial transactions in their name by regularly checking their credit reports. Such a report contains information about all of the loans, accounts, and credit cards that have ever been opened in your name. By law, all consumers are entitled to one (1) free credit report each year from each of the three credit reporting agencies. Stagger you requests every 3 months or so to receive credit reports throughout the year at regular intervals. You can request your own free credit report at [AnnualCreditReport(dot)com]

If you have a lot of student loan debt, you might be an easy target for ID theft. Find out how you can refinance student loans at Student Consolidation Loans website.

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