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Identity theft is a type of fraud where a citizen's personal or bank information is stolen by a thief and used illegally. The info is generally stolen in order to open credit cards or even checking accounts under someone else's name. Usually, being the target of this type of fraud can push your economic stability back a couple of years and is extremely hard to recover from. With a bit of work and useful information about identity protection, you can better defend yourself.
A number of people are not aware that credit companies sell the credit information they obtain to any company that validates a reason to purchase it. The comforting thing to know is that FACTA was passed in 2003 which now forces the credit reporting bureaus to allow you to place a Fraud Alert on your credit profile. This legislature also forces lending institutions to take the necessary measures to verify your identity before they loan anyone an amount of money using your identity.
Very few people are aware of the fact that the credit reporting agencies make a tremendous amount of money selling your personal information. Because of this, FACTA was passed in 2003 forcing them to allow people to place fraud alerts on their credit reports. However, those alerts are only good for 90 days, and then you must take other measures to protect your identity. This article may enlighten you as to some other issues concerning your credit.
The fraudulent use of another persons identity is a growing problem worldwide. Victims are chosen at random and within hours, their lives can become one of turmoil and chaos. Preventing this from happening can only be attained by the watchful use of anything containing private and personal information. Do not give a hacker a chance. Getting information about identity theft services is your first step to securing your finances.