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Pinnacle e-Letter

Take Steps to Prevent Identity Theft
By Summer Yeiser, Office Manager for Pinnacle's Downtown Nashville Office

Identity theft is among America's fastest growing crimes. According to the latest figures from the Federal Trade Commission, 8.3 million (nearly 4 percent) of American adults were victims of identity theft in 2005. The new crime wave is so pervasive that President Bush has established a task force to help combat it.

While there's a great deal the government is doing to try to protect Social Security numbers and other personal data, for the time being, much protection is up to the individual. Fortunately, there are several actions you can take to protect your financial accounts from being hijacked.

• Do a wallet check. Your Social Security number is one of the most valuable bits of your identity. Never carry your Social Security card. The same goes for a Medicare card, which carries the same number. If your driver's license has your Social Security number, have it changed. Use a marker to write a note on the back of your debit and credit cards asking that merchants request an identification card.
• Review your bank and credit card statements regularly. Read your statements and balance your checkbook at least once a month, or more if you have online access. If you see a charge you don't recognize or something suspicious, contact the credit card company or bank immediately. Although federal and state laws limit how much money victims of fraud or theft can lose, your protections may be stronger if you report the problem quickly.
• Monitor your credit reports. Everyone is entitled to one free copy of your credit report from each of the three credit bureaus once a year via www.annualcreditreport.com or by calling 877-322-8228. However, it's a good idea to stagger requests from each bureau, perhaps one every four months, so you get a snapshot of your credit history over time. Keep in mind these reports will not show debit card misuse.
• Destroy the paper trail. Use a cross-cut shredder to make receipts, statements, credit card offers or any documents containing personal information hard to piece back together.

If you have reason to believe that your identity has been stolen, first file a complaint with the Federal Trade Commission and a report with your local police. Then contact one of the three credit bureaus and request a fraud alert. This measure requires creditors to take extra steps to verify your identity, such as calling you or asking to meet you in person. The agency you contact will contact the other two. The three agencies are Equifax (www.equifax.com; 800-685-1111), Experian (www.experian.com; 888-397-3742) and TransUnion (www.transunion.com; 877-322-8228).

Another option is a security freeze. All three credit bureaus recently started offering this service, which blocks access to your credit reports without your permission. A security freeze is free if you have a police report proving that you are an identity theft victim. Fees for non-victims vary by state for the cost to "freeze" your report. You have to pay a similar fee to "thaw" your files.

Everyone hopes that identity theft will never happen to them, but taking actions to safeguard your personal information can help you avoid -- or at the very least catch suspicious activity while there's still a chance to prevent widespread financial damage.

Note: Pinnacle is hosting several upcoming workshops on the topic of identity theft. Please see "Upcoming Workshops" in the e-letter for more details.

Summer can be reached at (615) 620-1207 or summer.yeiser@pnfp.com.

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