Identity Theft Protection

What if I said to you “let me have $5,000-$15,000?” Not borrow, HAVE. Next, tell your employer that you’re going to work for them for the next 200 hours. Then, volunteer to check yourself into jail. This is what you can face if your identity is stolen.

$5,000-$15,000 is what you’re going to pay in legal and other fees to fix your good name. You’re going to spend roughly 200 hours to have your name cleared and you may have to go to jail for what someone else did using your name.

By now you should begin to understand the feelings that many victims have had when their identity has been stolen. Anger, frustration, impatience, stress, crying, confusion, bitterness, depression, overwhelmed, hopelessness.

In most cases thieves have a major advantage over victims. They don’t know thieves have their identity. Your identity can be used to open bank accounts and cash counterfeit checks. It can be used to open credit cards and to buy jewelry and cars.

Thieves can also prevent you from getting jobs or growing your business. Many companies as part of their background check will look at your credit. Applying for a much needed job is a bad time to find out that your identity is ruined. The same can be said in establishing new credit and other relationships with business partners and banks if you own a business.

How Identities are Stolen

• Someone Close To the Victim Steals Identity

• Garbage Diving

• Lost/Stolen Purse

• Online Request for Personal Information

The sad truth about identity theft is that a large percentage of thefts are done by someone the victim knows. This trusted friend or family member misuses the trust of their victim. Many times when the victim finds out who the culprit is they choose not to press charges and instead take the financial hit.

Another way theft happens is that thieves may have gone through your garbage. You may have lost your wallet on vacation or traveling for work. In certain circumstances the victim may have been mugged or had their pocket picked.

Phishing is another technique where thieves pose as one of your legitimate financial firms and request information such as your social security or account number through email or pop up message. No financial firms would ask for this information so don’t provide it.

Ways to Prevent Identity Theft

• Watch Friends and Family With Financial Problems

• Use a Credit Monitoring Service

• Shred Personal Documents

• Carry Only Necessary Document Outside the House

Again, the sad truth about identity theft is that a large percentage of the theft is done by someone the victim knows. Therefore, for starters you can spend $10 – $20 per month with a service that monitors your credit. They’ll let you know about any new credit inquires and other changes in your credit profile.

With this early detection, it limits the level of damage a crook can do and it also helps you in not having to turn in a friend or loved one to the authorities for prosecution.

Another great way to protect your identity is to shred everything that has your personal information on it.

When it comes to your wallet it may be necessary to only carry around necessary cards and information. Avoid putting anything with your social security number in your wallet or purse.

If you’re concerned about the safety of your mailbox you may want to spend the money on a post office box. In choosing a box you probably want one that is close to your home or your job for easy and convenient access.

Also, make sure all of your bills still come to your home address. In a number of cases a thief may have a bill of some sort sent to another address to start the fraud.

What to Do If Your Identity Is Stolen

• Get a Police Report

• Call the Three Credit Bureaus

• Contact the Federal Trade Commission

When you realize your identity has been stolen, contact your local police department. When you go to the station, get a copy of the police report.

Next, call the three credit bureaus (TransUnion, Equifax, Experian) and let them know about the theft and ask them to put a fraud alert on your credit profile.

Finally, contact the Federal Trade Commission (FTC) at 877-ID-THEFT or http://www.ftc.gov/bcp/edu/microsites/idtheft/ and let them know that you’ve been a victim of identity theft. They’ll work with you to get your life back.

So again, pay me $5,000 -$15,000 for your heartache or spend a day or two’s lunch money, take a few precautionary measures and protect your identity.

For more information on Identity Theft Protection visit the Federal Trade Commission’s website at http://www.ftc.gov/bcp/edu/microsites/idtheft/.

Murray Wealth Group also has a website on Identity Theft Protection and a link to sign up with credit bureau and our exclusive business partner, Equifax, to monitor your credit at https://murrayidprotection.com/identity_theft_protection.html

Kolonji Murray is President of the financial advisory firm Murray Wealth Group in New York. Prior to starting the firm in 2009, he worked as a banker and financial advisor for a number of leading Wall Street firms. He holds a degree in Accounting from Hampton University and is active in a number of civic and industry organizations. Mr. Murray is Series 7 and 66 licensed in NY, CT and GA. He is also life, accident and health, variable life/variable annuities insurance licensed in those states.

Finally, a Step by Step Blueprint to Identity Theft Protection Without Those Monthly Fees. CLICK HERE!

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