Protect your credit score over the holidays

‘Hate to be a spoilsport, but the “most wonderful time of the year” for most of us, is also a field day for identity thieves- this so-called “victimless” crime surges during the Winter Holidays.

While caught up in the spirit of giving, shoppers are often unintentionally careless with their personal information.

And, if victimized, estimates vary widely as to the time it takes to rectify the situation- 28 to 500 hours.

So, in this document we offer some simple pointers to ensure shoppers (from one to 92?) a happy and credit-secure Holiday Season- and what to do if “Scrooged” by an identity thief.

No matter where or how you shop, even in the privacy of your own home on your computer, it’s important to be cautious.

The Harris Bank has delineated the three main avenues, or “Ps” of identity theft: People, Paper and Phishing.

Sad but statistically true: Identity theft is often committed by someone you know.

It is doubly important not to loan your credit card or automated teller machine (ATM) personal identity number (PIN) to anyone, including family and friends.

Beware of “shoulder surfing” in stores and even at work.

If asked to verify sensitive information by a clerk, write it down rather than read it aloud, and cover the document with your hand.

Thanks to the proliferation of cell phones, a photo of your credit card may easily be obtained by a thief.

If someone is standing too close behind you, turn around, face them and ask them to step back.

Even in the friendliest offices, there may be vendors or visitors.

Lower your voice when giving your credit information over the phone.

If you work in a cubicle, be aware of who is around you at that time.

And remember, your business computer is not for your personal use- popular entertainment sites, for example, are well-known to be polluted with viruses.

Think before you endanger your company’s database and, possibly, your means of support!

Seasonal Retail Jobs: Most store clerks are honest people.

But the rise in temporary store clerk positions during the holidays presents an irresistible opportunity for identity thieves.

Therefore, protect yourself by keeping a close eye on your credit card when making a purchase.

If the clerk wants to take your card “to the back” to complete the transaction, insist on accompanying them, ignoring any protests.

Be on the lookout, too, for “skimming”, a con used to scan your card a second time in a machine that records information from your card’s magnetic strip.

Carry only what you have to in your handbag.

It’s always a good idea to keep your wallet in a zippered compartment.

As soon as you receive your bank and credit card statements, set aside the time to open and review them for fraudulent activity.

Apply for retail and other credit cards over the Internet or via a toll-free number to avoid leaving a paper trail for thieves.

Avoid being seduced by offers of 10% or more off your first purchase if you apply immediately on paper- it’s just not worth the risk.

Mail solicitations: Make a note of when your monthly bills and statements arrive and watch for them to ensure they are not being diverted by thieves.

Take any envelopes containing checks directly to the Post Office; avoid mailing after the last pickup of the day.

Suspend your mail delivery online at www.usps.com.

Be extra vigilant of spam emails requesting personal or sensitive information or anything that seems out of the ordinary.

Phishing is just that: criminals “fishing” for personal information by sending “trick” emails that claim to be from your bank or another “household name” company you may or would do legitimate business with.

These emails use logos, links and email address that appear to “be legit”, then send consumers to sites requesting personal and financial disclosures.

Sometimes these emails are sent as contest entries, requests to update or to change information, a warning that credit card suspension is imminent, or worst of all, an application for a credit card requiring personal information.

You should know that reputable companies, banks, online shopping websites, and government sites will NEVER solicit information from you via email.

If you suspect fraud, contact the individual company by phone before responding to any unsolicited email.

The Federal Trade Commission’s Identity Theft Website www.consumer.gov/idtheft has more information on identifying and reporting these scams.

Keep your eyes open when you open your heart- and before you open your wallet.

Unsolicited charitable requests abound during the Holidays and here, too, criminals are quick to exploit human kindness.

Use the Federal Trade Commission’s “charity checklist” to ensure your donation benefits the right individuals.

Identity theft is one of the fastest growing crimes in America, costing close to $60 billion annually.

Never give out personal information unless you are initiating contact.

Do not underestimate the importance of reviewing your bank and credit card statements as soon as they arrive.

Remember, if fraud is detected, chances are you will be liable for only $50, but it can take hours of personal time to restore your credit.

*Check your credit scores every quarter, alternating credit score companies.

The Fair and Accurate Credit Transactions (FACT) Act enables you to obtain a free copy of your credit report from each of the three major credit reporting agencies every year.

For more information: www.annualcreditreport.com or by calling 1-877-322-8228.

Sign up for a credit monitoring service.

These alert consumers when red flags occur in their monthly spending and can often target and contact you regarding a possible fraudulent purchase as soon as it is transacted.

Monitoring services are offered by each of the three national credit reporting agencies (Equifax, Experian and Trans-Union) as well as many major banks and private companies.

Watch out for “Phishing” Expeditions: Install a spam filter, and delete these unwanted emails as soon as they come in.

Good news: Beginning December 5, 2006, companies will not be allowed to print the expiration date or more than the last 5 digits of your debit or credit cards on your receipts.

Sadly, this is all the information many thieves need to make unauthorized purchases on your account.
So be sure to destroy your receipts, preferably in a shredder.

Oh yeah, and Happy Holidays!

technorati tags:identity+thieves, holidays+identity+theft, credit+card+theft, phishing+identity+theft

Technorati Tags: check your credit