Consumer Information and News: ID Theft Protection and Prevention Tips

The Consumer Journal

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ID Theft Protection and Prevention Tips

As many American companies tighten there budgets, identity theft is a profitable business. Last year, it cost

retailers $21 billion in losses. Here are a few ways to protect and prevent your identity from being the next

theft victim:

Store your social security card in a safe place where you keep your financial records.
Shred all financial documents or store in a secured filing cabinet, including credit card receipt transactions, banking and investment statements.
Do not store all personal information on your computer, but rather on a separate CD file.
Annually, obtain a free copy of your credit report. Peruse each account for accuracy.
Check your state's laws on credit freezing.

Consumer Id Theft Protection Tip: If you start receiving suspicious new credit card offers, junk mail unrelated to any of your purchasing habits or changes in your mail, request a copy of your credit report, investigating any unauthorized new accounts. Act immediately, the average identity theft costs a victim a minimum of 81 hours and paying more than $6000 in covering the thief's purchases. [Source: Business Wire.com ]