FTC Information

The Federal Trade Commission is trying to help

When it comes to “Fighting Back Against Identity Theft,” the Federal Trade Commission is doing a great job providing information to the public. It is a tough job to convince the American public to conform to anything new. However, the damage being done annually is in the billions of dollars.

In the FTC's 46-page publication titled, "Take Charge," the FTC outlines what you can do as a consumer to protect yourself. Obtaining this booklet and getting yourself informed should be STEP ONE. Let's look at the introduction to "Taking Charge."

The FTC starts the book with a three paragraph Introduction to help consumers understand the severity of Identity Theft. It is interesting to note in paragraph 2 shown below, in italics, that the problem of Identity Theft is not just a Financial Problem. If you become a victim, your life can virtually be turned up-side-down!

"Identity theft is a serious crime. People whose identities have been stolen can spend months or years - and thousands of dollars - cleaning up the mess the thieves have made of a good name and credit record. In the meantime, victims of identity theft may lose job opportunities, be refused loans for education, housing, or cars, and even get arrested for crimes they didn't commit. Humiliation, anger, and frustration are among the feelings victims experience as they navigate the process of rescuing their identity."

Considering that over 250 Million American identities have already been breached, it is safe to say that it is just a matter of time before your identity will be tampered with.

Many people joke by saying, "They can have my identity!" But when the same people become victims, they change their tune quickly. The following sentence from the booklet on page 19 illustrates the legal responsibility consumers have to stay up to date with their credit.

"If an identity thief changed the address on your account and you didn't receive the bill, your dispute letter still must reach the creditor within 60 days of when the creditor would have mailed the bill."

Don't wait until you become a victim. Take steps now to protect yourself. You must at least monitor your own credit. You are responsible to protect your own identity. Be proactive, otherwise you may be left "holding the bag."