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Are You at Risk? Take Steps to Protect Yourself from Identity Theft

Lois,
Battle Creek

The fact is we are all at risk for identity theft. Thieves only need certain pieces of your personal information to set up credit cards or loans in your name. This information can be found on your bank records, cancelled checks and even the tax papers you filed just last month.

You already may be taking steps to protect yourself and your family, but here is a simple review of some key points. You can also find more information by visiting the National Crime Prevention Council web site.

To reduce or minimize your risk of becoming a victim of identity theft or fraud, follow these basic steps:

Be cautious of giving out your personal information to others unless you have a reason to trust them.
Check your financial information regularly - look for what should be there and what shouldn't.
Monitor your credit report, which should list all bank and financial accounts under your name and provide indications of whether someone has wrongfully opened or used any accounts in your name.
Keep careful records of your banking and financial accounts.
Shred unnecessary documents containing personal information. Thieves can't steal what they can't read.

One of the most important steps you can take in protecting your personal information and preventing identity theft is to shred documents.

Here are more details about destroying paperwork so that others can't steal your confidential information.

What kind of shredder do you need?

Shredders cut paper into very fine strips or chips. A cross-cut or confetti-cut shredder is recommended over a strip-cut shredder because the pieces are much more difficult for thieves to reassemble. Paper shredders range in size, price and number of papers shred per pass. Many paper shredders also have the ability to shred credit cards and CDs.

What should you shred?

As a general rule you should apply this common-sense test: Does the document contain information that you would not want made public about yourself? If so, bypass the trash can and head for the shredder.

It's not difficult to determine what you should shred – essentially, any document containing information that you don't want others to have. Any document that may contain Social Security numbers, birth dates, your mother's maiden name and account numbers or online passwords should also be shred.

Here's a list of sensitive information you should destroy as compiled by the National Crime Prevention Council:

Sensitive Materials to be Destroyed
Obsolete financial records, including loan applications Pre-approved credit card applications Personal medical records or physician statements Correspondence and tax preparation worksheets (The IRS recommends that you keep old tax records for a minimum of 5 years or longer in certain circumstances.) Receipts for purchases Bank statements ATM receipts Credit card statements	Cancelled checks Mail and old records Utility bills Credit card charges Insurance forms Investment transactions Expired charge cards Mailing labels from magazines Pay stubs Old driver's licenses or passports Expired insurance and membership cards

What should you do if you think you've been victimized?

If you think you've become a victim of identity theft or fraud, act fast to minimize the damage to your financial accounts and your reputation. Contact the fraud departments of any of the three consumer reporting companies (Equifax, Experian and TransUnion), close the accounts that you believe have been tampered with, file a complaint with the Federal Trade Commission, and file a report with the local police.