Identity theft: Signs that your identity has been stolen
Identity theft affects countless consumers and businesses each year, costing millions and maybe even billions of dollars. In 2004, the Federal Trade Commission received over 635,000 consumer fraud and identity theft complaints with reported losses of $547 million. During 2005, the FTC received 685,000 consumer identity theft complaints with reported fraud losses of over $680 million.The number of complaints and the total losses have been increasing year after year. Still, identity theft doesn’t seem to be a major concern to many businesses and consumers. Until identity theft hits home and ruins someone’s finances, many don’t consider the consequences.
It is common for identity thieves to obtain credit in the victim’s name, including credit cards, utility service, vehicle loans, and apartment leases. Unrecognized accounts and inquiries on a credit report signal a problem. This is why it is so important for consumers to regularly examine their credit reports.
Denial of credit or unfavorable credit terms with no apparent reason will also signal a problem. Clearly, being contacted by a debt collector for merchandise or services you didn’t purchase is problematic. Failure to receive your normal bills in the mail may indicate a theft of mail or an identity thief who has changed the address on your accounts.
