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Get the FACTS about Credit Cards...

Here is what you need to know...
   to break free of Credit Card Karma:

Credit Card Theft...
Identity Theft:
   What It Means

Every 79 seconds, someone's identity is stolen...
    Think it is no big deal? Think again...

Identity theft is the nastiest kind of financial karma out there...
    Here is how identity thieves can rip you blind!

* Identity Theft - "You Have New Credit Cards":

Thieves call your credit card company, pretending to be you. They know your address, account number, zip code, birthdate, and social security number, so the company thinks it is you. Thieves change the mailing address on your old card.

Then the thieves open up ten new credit cards from ten different banks with the new address (which is validated by the changed address on the old credit card). They run up charges on all of these ten new accounts. Since your credit card bills are being sent to the thieves' address, it may be 60 days before you realize your identity has been stolen. Deliquent payments are reported on your credit report.

* Identity Theft - "You Have New Services":

Thieves take it to the next level, by using the credit card to get a new cell phone. Thieves abuse it by calling porn lines, psychic lines, gambling lines, and so on. Thieves may sell calls to foreign countries for cash to people who cannot afford to get phones. The thieves used their address but would not pay the bills, the delinquent bill for phones, etc is reported on your credit report.

* Identity Theft - "You've Got a New Car":

Based on your credit, showing your credit card as proof of your identity, thieves buy a car by taking out an auto loan in your name. They are not looking for new wheels... they drive it to a chop shop where the car is sold for cash, often for the parts so that it cannot be repossessed. The thieves used their address but would not pay the bills, the delinquent car payment is reported on your credit report.

* Identity Theft - "You've Got No Cash":

Thieves, with the right information, can get emergency checks on your bank account and drain your bank account dry. Or if you have a debit card, they charge until they can charge no more. Or they can open a new bank account in your name and write bad checks on that account. Or they can file for bankruptcy under your name to avoid eviction and/or to avoid paying any debts they have incurred.

* Identity Theft - "You've Got Jail":

Thieves give your name to the police during an arrest. Then they are released from police custody, but fail to appear for their court date. Now an arrest warrant is issued in your name. So you have to hire a lawyer to convince the police, the court, and anyone else who cares that you are innocent.

So How Can You Protect Yourself Against Identify Theft?

* Fight Identity Theft - Take Actions:

Before revealing any sensitive information, find out how it will be used and if it will be shared with others. Do your homework and make sure only to deal with reputable businesses. If you suspect identity theft, immediately phone all creditors. Ask all three credit bureaus to put a "fraud alert" in your credit file.

* Fight Identity Theft - Keep Current:

Follow up if your credit card statement does not arrive on time. Check the online versions of your bank and credit card account frequently and report unauthorized transactions immediately.

* Fight Identity Theft - Check Credit Reports:

Get reports from all three credit bureaus. Supposedly, each one maintains information separately, so the data on file may differ. Look for errors and make sure that what is reported is accurate. Do this at least once a year... their are tons of free credit reports available online.

* Fight Identity Theft - Guard Sensitive Financial Information:

Keep items with personal information in a safe place (out of the sight of casual visitors to your home). Make sure bank checks and statements, charge receipts, copies of credit applications, insurance forms, credit offers, expired charge cards, and anything with your Social Security number on it... is either properly disposed of (shredded thoroughly) or is securely stored (locked up).

* Fight Identity Theft - Get an Uncommon Name:

If you have a common first name -and- a common last name, consider changing one of them to something uncommon. For, the more common the name, the easier it is to get it stolen.