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Everyone has heard of identity theft, even though 10 years ago we all used our social security numbers for almost everything. Now, 1 in 13 people will have their identity compromised this year alone. The type of identity theft ranges from minimal to very serious, but once it has happened it will change the way you see your id forever. The average dollar value of damage is between $3,000 and $5,000 and it takes hundreds of hours of time to repair all of the problems with your id. These are pretty common figures but what can a thief actually do with your identity? The simplest form of identity theft involves small amounts of money that can be easily overlooked. Someone gets your credit card number and name, and they can make charges to your card by online shopping. If they have your bank account number and name, they can access your checking and savings and clean them out. With the same information they can also put cable, telephone, electric, water and various other bills in your name and leave you with the bill after they have already moved on to another identity. This type of theft is a big deal, but not as serious as some of the more long term id problems they can do with your information. With your social security number and few other pieces of info, a thief can begin opening lines of credit in your name. They don't need to steal your credit card number, they can simply open several new credit cards in your name and max them out before you even know what's happening. After 1 month, your credit is shot and the thief will move on to someone else's credit; but creditors may not start hounding you for another 3 months. Monitoring your credit report is a good idea, but it won't protect you from this kind of theft because creditors won't report it until it's already too late. Dumpster divers can use the pre approved credit card offers in your trash, but they can also just apply for credit online using your social security number. Medical Theft is one of the more serious forms of identity theft, and it is becoming more common with the rising costs of healthcare. Hospitals don't start sending you bills until your problem has been taken care of, so by the time you hear about it the damage has already been done. A thief only needs your name and social security number to do this, but an insurance card will work even better. Medical bills can rack up quickly to hundreds of thousands of dollars and convincing the hospital that it wasn't you can be a very difficult task. The medical bill collectors can have liens places against your home or have your wages garnished for years until the debt is settled. The most serious forms of identity theft are more rare, but they can ruin your entire life. A major purchase like a luxury car or boat can seriously hurt your credit, but what about a criminal record in your name? A thief committing crimes in your name will stick with you a lot longer than a bad credit score and it is much harder to explain. Even worse, someone could steal you passport info and use it for terrorist activities overseas. This type of theft could get you on a terror watch list or arrested and charged with a crime in a foreign nation; leaving you holding the bag with little to defend yourself. There are companies that can help with identity theft problems, but most people don't see a need for them until its already too late. LifeLock and TrustedID are both companies that will make it almost impossible for someone to pose as you. Other companies like Ameriplan USA offer a service that will help you repair your good name after your ID has already been stolen. You can do everything they do yourself, but it requires a lot of time and constant vigilance to stay on top of your credit report and identification. As time moves on, technology will advance and make it more difficult for our id to be stolen; but until then the duty of protecting yourself is up to you.
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