Articles and Ideas October, 2008
Financial experts are recommending that consumers do all they can to protect themselves against identity theft.
If, unfortunately, you do become a victim, there are ways that you can lessen your financial pain.
A poll conducted by Javelin Strategy and Research indicated that victims who discover the theft on their own tend to straighten out the situation much more quickly than those who don't find out about the theft until their bank or a collection agency tells them about it. Those who discovered on their own that they were victims of identity theft tended to clear their names about 65 days after the fraud began, while those who found out the hard way had to wait about 104 days before the mess was straightened out.
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When it comes to identity theft prevention/protection, anyone who has credit cards, a bank account and a credit score wants to do whatever they can to avoid becoming a victim of fraud. Luckily, there is much the average citizen can do to keep their personal information out of the clutches of thieves. This often means consistently using the simple but highly effective concept of common sense.
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Identity theft is the highest rising crime in America. This statement alone begs the question; what is our government doing to protect us? The federal government has created several laws with the intent of reducing id theft. The Fair Credit Reporting Act (pdf) establishes the measure required for correcting mistakes on your credit report and ensures that only viable businesses will have access to your report. The Fair Credit Billing Act determines procedures for settling billing errors on credit accounts and limits the amount of money a consumer can be held liable for ...
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