Credit Education 101
Website CertifiedPrivacy Protected
Credit Education > Identity Theft > Actions for Identity theft Protection

Actions for Identity theft Protection

By Janet Lacey
Published: Monday, December 21st, 2009

The wake up call to make identity theft as a federal crime in the United States was heard after an ordinary identity thief got a way with more than $100,000 of procured goods and unaccounted loans on house and cars. The thief was smart enough to know the law and found a way to get a round it.

The victim of the said crime spent more than $15,000 of her own money to pay for service charges of the needed procedures to improve her credit worthiness rating. The crime did not only impaired the financial businesses and the individual deceived by the thief, it also damaged the integrity of the whole federal government in governing such crimes. To put a stop to the possibility that a thief would get away from his or her crime with just a few months behind bars, the Congress started convening on a law that would put heavy sanctions in those who would commit this crime in 1998.

The law of Identity Theft and Assumption Deterrence Act of 1998 in its gist defined the crime of identity theft and fraud simply as a crime punishable by law. The crime of identity thievery and fraud is specifically defined in this law as any act and instance where an individual wrongfully uses or assumes the identity of another individual in the attempt to make profits out of it. The profit specified by the law can be in both economical and social perspectives.

The federal government recognized that identity is more difficult to protect as compared to other financial information. The reason is simple, unlike an individual’s finger print which is unique to the individual, his or her identity can be obtained without much clamor since there are persons with the same names in the whole country.  Identity theft in a way is complicated with an irreparable part of society; there are people with the same names who love to move from one place to another.

Identity Theft and Assumption Deterrence Act promises victims of identity theft that the law will give them the justice they need to compensate for the setbacks made by the thieves. This law put heavy punishment in anyone who uses the identity of another person without lawful authority given by the real identity owner. The punishments rendered by this law include 15 years of imprisonment, monetary fine and forfeiture of any property procured using the benefits of the crime committed. This law is gaining popularity among many credit account holders; these people believe that the nationwide application of this law is enough to protect them.

Unfortunately, more than a decade ago this crime is still being committed worldwide. In the USA alone a rough estimate of $10,000,000 annually puts the losses of the sectors victimized by identity thieves. To further reinforce the law on identity theft and fraud enacted by the government, private sectors are also doing their part in putting a stop to this crime. Credit bureaus lead these companies by providing free credit reports and scores where individuals can see if there are abrupt changes in their financial activities that they are not accountable for.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.