What is Identity Theft?
When someone else uses the identifying information of another person in order to commit a crime in that other person’s name (either the name, address, social security number, etc.), this is identity theft. For example, if an identity thief steals your personal information and opens up a new credit card account under your name, you could be stuck with the bills and the resulting bad credit. That is the most common known example of identity theft.
For victims of identity theft, the costs can be huge and long-lasting. Not only can your bank accounts be wiped out, but your good credit ruined as well as your good character. Even though it is not your fault, it can take years and thousands of dollars to resolve the issues.
While credit card theft is the most well known, there are actually five different kinds of identity theft:
- Financial identity theft
- Criminal/character identity theft
- Medical identity theft
- Social Security identity theft
- Driver’s license identity theft
Each type of identity theft poses it’s own kind of problems from huge bills to incorrect medical records, to a character smear, to actually being arrested. All require time, energy and money to clear up. Unfortunately, no matter which kind of identity theft strikes you (and it could be more than one), it may not always be an easy road to restoring your good name.
