Identity theft happens whenever someone uses your personal identification
to commit fraud or other types of crimes. They may use your name, credit
card number, or your Social Security number (or other identifying
information).
According to the Federal Trade Commission (FTC) in the United States, some
9 million Americans have their identities stolen every year. They also state
that identity theft is likely to affect most people in some way. The thief may
rent an apartment using someone else's name. He/She may open a line of
credit or use your own line of credit for his/her buying needs. He/She may
apply for a job using your identification.
The effects of identity theft are very real. Your credit may be destroyed. You
may have more debt than you should. You may be denied school loans or
other types of loans due to poor credit or overuse of credit. You may even
lose out on job opportunities if the case becomes severe enough.
The good news is that this very serious problem does have solutions. You
may not even know about the problem until a debt collector calls you about a
debt you do not remember creating. In other situations, you may spot the
minor problems right away. In many cases, the victims of identity theft can
solve their problems quickly by being vigilant both online and offline.
These crimes are punishable by jail time and the repayment of funds.
Unfortunately, the road to getting your credit repaired and getting your debts
worked out is rarely as easy to accomplish.