The thief takes advantage of your good credit record, leaving behind bad credit in your name. Their good credit was destroyed. The emotional trauma and often tedious task of re-establishing your credit standing can take months or years. For elderly victims, re-establishment of credit may not happen in their lifetime. Although identity theft cannot be prevented in all cases, there are ways of minimizing your risk and making your private information more secure this holiday season.
Experts agree on the most common ways that identity theft occurs and the actions to prevent it.
If a thief steals any items containing personal information from a consumer's mailbox, that information can be used to obtain credit or loans in the consumer's name. If an employee of a business wrongfully retrieves personal information that the business has collected for legitimate reasons, the employee may sell the information or use it to obtain information about customers and then use it to obtain credit in the consumer's name. If a business does not safeguard electronic information adequately, a thief can use information to obtain further credit in the consumer's name or otherwise assume the consumer's identity. Empty your wallet of all-extra credit cards and unnecessary personal identification information. The more credit cards you carry during the holidays, the more charges a thief can run up without your knowledge until the New Year's bills arrive.