Ideal identity theft articles identify what ID theft is, how long the effects of ID theft can last, and how you can minimize the effects if you act promptly in the beginning. Here is our attempt.

The U.S. Department of Justice defines identity theft as a federal crime. Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for financial gain.

This means that if someone uses your personal data or means of identification, such as your credit accounts, social security number, driver's license etc, without your knowledge or permission, to commit a fraud or a felony, it is considered an ID theft.

According to statistics, even back in 2004, there were almost ten million incidents of identity theft in the US, and the number has increased dramatically in recent years. In 2004, the total loss victims had to bear was a staggering $5 billion, which is a scary figure when you consider how sharply the number of such cases has increased in the past few years.

So how do identity thieves and fraudsters get your personal information?

Actually, most people have no concept of how simple some of their common practices are, and how easily anyone can get hold of their information.

Identity thieves have a few standard ways of stealing personal information. You may have read about some of these practices in other identity theft articles.

• Stealing wallets, purses and/or mail including bank and credit card statements, pre-approved credit offers, telephone calling cards and tax information
• Stealing the personal information that you provide to an unsecured internet site, from your own business and personnel records and the personal information on your home computer
• Sorting through trash for personal data, discarded bills, credit card statements, bank statements
• Posing as someone who needs information about you for legal reasons, like employers, landlords, banks, financial or credit institutions
• Buying personal information from insiders; paying employees at relevant institutions; for example, a store employee who can provide for information about you that he gets from an application you might have filled out for goods, services or credit.

Repairing the damage caused by identity theft is usually a slow and painful process.

How long will the effects of identity theft last? They can last for several years if you don't act quickly to minimize the impact.

You must inform all concerned authorities, creditors, etc, as soon as you discover the theft or misuse of your personal information. In the long term, you would need to work with your creditors to minimize and control as well as repair the damage.

If you find unauthorized charges on your credit report or billing statement, immediately contact the fraud department of the relevant creditors. If you can notify them within 60 days from the date you receive your bill, your total loss and liability for the unauthorized charges, which will, by law, be limited to $50.

Remember that dealing with ID theft will take all your effort if you want to repair the damage to your credit. Here are a few things you should do:

• Check your bank accounts and statements regularly. If you find that someone is illegally using your bank account, close it immediately and ask your bank to notify the check verification service who can, in turn, notify retailers not to honor any checks written on this account.
• Read a lot of identity theft articles in order to keep abreast with the latest news and updates in the law. In fact, we offer a whole library of identity theft articles right here on this site.
• If you suspect that someone has opened a new checking account in your name, ask for a free copy of your consumer report from the consumer reporting services.
• As soon as you can, call the local police or sheriff's department and file a report. Keep a copy of the report or note the number of the report.
• Consider reporting the crime to the state law enforcement agencies; contact them with a copy of the police report. Also contact the office of the state attorney general for consumer fraud information.
• Identities can be stolen in one place but used in another, contact the police in the place where the crime actually took place.
• Insuring yourself upfront against Identity theft is a wise choice. This option hasn't been discussed much in other identity theft articles, but more insurance agencies now offer this coverage - and it's very affordable.
• Close all compromised accounts quickly so that no funds are accessed.
• Replace all account numbers with new ones and secure all related personal data.

Stay safe, protect your information and be diligent in monitoring your credit report for any errors or omissions. Now go on and check out some of our other identity theft articles!

» Identity Theft Banking Losses - Banks Can Bank On Losses
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» Identity Theft Check Review - Steps You Can Take Today
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» Identity Theft Commercials - More Than Just A 30-Second Ad
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