They come almost each day in the mail, and for most people, these items are just tossed into the trashcan, most often unopened or still intact. What are these items? Credit card applications and credit card checks. For an ID thief, these forms are easy ways to get quick cash- all at your loss. ID theft stands as one of the most pressing concerns for society today with over 255,000 complaints filed with the Federal Trade Commission regarding identity theft in 2005. Even more startling are the results of a 2003 study by Gartner Research and Harris Interactive that showed that over 7 million people were victims to ID theft during 2002 and 2003. The situation only seems to be worsening.
In the past ID theft consisted of a stolen wallet or credit card and the solution was as easy as canceling a card. Now, ID theft can occur without one's immediate knowledge only to be discovered after catastrophic damage has already occurred. One case of ID theft can ruin a person's credit for years afterward, leaving him/her with countless hours of work trying to repair their credit and recoup lost funds. Using stolen information, a thief can open bank accounts, obtain credit, receive loans, or spend funds.
Many already discard items in the trash that contain personal information that can be used to steal one's identity. Not only are credit applications and correspondence critical items but also are old credit cards, bills, bank statements, deposit slips, and old/cancelled checks. Standing out as one of the most effective counter measures to protect against ID theft, a simple paper shredder can protect one from id theft by permanently destroying these types of documents as well as other sensitive documents. In our society we have a sense of security with the trash; however, dumper diving continues to be an easy path for thieves to steal a person's identity.
One of the most important documents to shred is the unsolicited credit application. Many of the pre-approved letters already contain information that a thief would need to open a credit account in your name, and many of these documents only require that you give a code while calling an 1-800 number to receive the offered credit. These are not the only correspondences to be mindful of. Most correspondence from any credit company whether it is a letter advertising a service or the cash advance checks, an account number can easily be found. These items need to be shredded.
There are many other documents that contain personal information that also need to be shredded. Credit receipts, especially manual created ones, carry account numbers and information that a thief would need to use the card. Utility bills also contain information that can be used to steal identity. In addition, expired credit cards need to be shredded. Even though the expiration date is wrong on an old card, sophisticated thieves know the date cycles that many of the major credit card issuers use, making an educated guess often times correct.
A checking account stands as the most vulnerable area of concern, especially with the growing prevalence of online bill paying. All a thief needs is a name, routing number, and account number. Quite a few sites only ask for a checking account number. Once these funds are withdrawn, it can be days before they can be restored. Many people do not even think about this vulnerability, leaving a gaping window for thieves to enter. With this fact in mind, it is very important to shred unneeded bank statements, cancelled checks, and unused deposit slips.
What type of shredder is needed? A simple shredder with the ability to shred cards is all that is needed. This type of equipment is easily bought at office supply or discount department stores. Most of these types of shredders can be bought for 20 dollars to 50 dollars. A Fellowes FS-5+Strip Cut Shredder and Office Depot both offer shredders under $30 that will shred average household papers. The variety that occurs depends on speed as the amount of papers that the machine can shred at one time. The type of shredding also differs from machine to machine. Some shred the papers in strips and others create confetti. Most security experts recommend that documents be shredded without stating how to shred it. Choose whichever one helps you feel comfortable.
Shredding along with actively monitoring your credit report will go a long way in protecting yourself from identity theft. If you find that are a victim of Id theft, immediately notify all three credit bureaus. Each one has a form that can be filled out, putting a fraud alert onto the credit report. Next, cancel the subject account. There may be other forms and documentation that will need to be completed to recover lost funds. Finally, notify the FTC and the police about the theft.
View other articles written by this author.