Identity theft does have indicators. Here is what to watch out for

The problem of identity theft is a growing one. By some estimates, one in ten Americans will be a victim each year. That strikes us a a bit high; we know of no one personally who has been victimized in the last few years. But still, the potential for damage is great. A single instance of identity theft can cost the victim tens of thousands of dollars. Worse, it can take several years to resolve the problem with credit bureaus and creditors. This crime creates an ugly mess for the victims, and it’s best for all concerned that potential victims be aware of the warning signs for this growing crime.

Here are a few things you should watch out for regarding the problem of identity theft:

• Calls from creditors - If you owe a debt and you haven’t paid it or made payments on it, you will likely get a call from the creditor. Ever miss a house payment? Your lender will call to ask you about it. The same will happen if someone has taken out a loan in your name. Should a creditor call you about a debt that you haven’t paid and it is a debt with which you are unfamiliar, you are probably a victim of identity theft. At this point, it would be a good idea to contact one of the three major credit bureaus, as well as the police.

• Credit report errors - We have long suggested that everyone check their credit reports regularly. There is no reason not to; you can check your credit report for free up to three times a year at annualcreditreport.com. Look for entries that you do not recognize, such as a credit card you do not own or a car loan you did not take out. Sometimes errors are just errors, but sometimes they are signs of a problem. Contact the credit bureaus or the listed lenders for clarification.
• Lost wallet or purse - Obviously, this is the easiest way to become a victim. If you lose all of your credit cards whomever picks them up can make use of them in any way they choose. You should keep a list of all of your credit card numbers and contact phone numbers at home in a safe place. As soon as you discover that you have lost your wallet or purse, you should contact all of your card issuers to cancel your accounts. They will send you new cards with different numbers. If you do this promptly, you will not be liable for damages of more than $50 per card.

Identity theft is one of the fastest growing crimes today and the losses run into the hundreds of millions of dollars per year. Don’t become a victim. Be vigilant and keep an eye on your financial information. It is better to be safe than sorry.

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