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Your Credit and Reputation are at Risk!
Identity fraud happens all the time. Someone could intercept your credit card number online. Or listen when you give your Social Security number over the telephone. Or dig through the garbage to find your bank accounts numbers.
They might charge up your credit accounts, withdraw from your bank accounts or submit false applications for loans. They could even buy a car, get a job and file taxes, or get arrested….all under your name!!
Identity fraud could damage your assets, credit & reputation. To minimize your risk the following steps can be taken:
- Order a free copy of your credit report annually from each of the three major credit bureaus. Go to www.annualcreditreport.com or call 1-877-322-8228.
- Limit the number of pre-approved offers of credit that you receive by removing your name from marketing lists of the three reporting bureaus: Call 1-888-567-8688 or log on to www.optoutprescreen.com.
- Keep a list or photocopy of all your credit cards, bank accounts, and investments along with the account numbers and expiration dates. Also have the telephone numbers of the customer service and fraud departments in a secure place so you can quickly contact the companies in case your credit cards are stolen.
- Do not create passwords and PINs with the last four digits of your SSN, your date of birth or consecutive numbers.
Following the tips above may keep you from becoming the victim of identity fraud. But if it does happen to you, most insurance companies offer you protection through their optional Identity Fraud Coverage endorsement. If you have a homeowners or renters policy, you can purchase this coverage for as little as $25 to as much as $35 per year. This coverage will pay for the expenses incurred as a direct result of identify fraud. Some companies also include counseling as part of their package. Expenses that could be covered include:
- Notarizing fraud affidavits or similar documents
- Certified mail sent to law enforcement, financial institutions and credit agencies.
- Long distance telephone charges for calls to financial or lending institutions or similar credit grantors, credit agencies, law enforcement or merchants.
- Lost income resulting from time taken off work to meet with or talk to law enforcement or credit agencies.
- Loan application fees to re-apply for a loan when the application is rejected solely because the lender received incorrect credit information
The payment of expenses vary by company. Check with your insurance agent to see exactly what coverage is offered and how much it costs. Just remember, according to the Federal Trade Commission, Americans lost more than $51 billion last year to identity fraud. The problem is big and getting bigger. Protect your credit and purchase Identity Fraud Coverage to help with the costs associated with identity theft.
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