A Credit Union E-Course

Lesson Six
Missing in Action: What Happens to a Stolen Identity?

When thieves steal your identity, there are many things they can do with your personal information. Will they use your credit cards by falsifying your signature? Sure. But thieves have become much more sophisticated than that. Here are just a few things they can do once they get a hold of your personal information:

• Open new credit card accounts
• Access and charge on your existing credit card accounts
• Go on spending sprees for expensive items that they can then turn around and sell on the streets
• Access online credit union or bank accounts
• Take over existing checking accounts
• Write bad checks in your name
• Open new credit union or bank accounts
• Open a new utility, phone or cable television service account for their own use, or add additional cable or phone services to your existing account
• Start a new cellular phone service, or add on additional services to your existing account
• Subscribe to an Internet service
• Apply for a student loan, auto loan, personal loan, business loan, or mortgage
• Get a driver’s license with your name
• File for bankruptcy
• Commit a myriad of other crimes and then give the arresting officer your name and information.

Keep in mind that when an identity thief uses your name to open accounts or charge on your current accounts and then  (obviously) doesn’t pay the bills, the debt will show up negatively on your credit report, thus compounding the already negative situation.

By now, you’ve seen how identity theft could quickly go from bad to worse. But there’s a solution, and that is prevention. Hang in there with us for a little more background information on identity theft and then you’ll discover exactly what you need to do to protect yourself.

Next Lesson: The Five Myths of ID Theft.

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