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Credit Education > Identity Theft > The Volatility of Thievery

The Volatility of Thievery

By Janet Lacey
Published: Monday, December 14th, 2009

The finance business holds many wonders waiting to be unraveled for those who can risk enough to get what they want and know how they will get it. The returns of investing in a small upstart business can return as millions of dollars. All that it takes is doing things right at the right time and at the right expenses. Unfortunately, there are those that choose to do the wrong side of things to get what they want at the expense of others. Identity theft is a vastly growing crime in the United States. The losses incurred both b victims and victims’ credit companies are roughly summed up into a stunning amount of $10,000,000 every year. This amount are defaulted accounts that setback the whole financial market.

It is not hard to obtain someone else’s identity. In the internet alone, business transactions that require the security number of individuals are rampant and uncontrolled. It is inevitable that identity thieves are using unsolicited websites to obtain the vital information needed to commit the crime of identity theft. The internet is unable to control and sift the online companies that are supposedly doing honest business dealings and as a result the internet is responsible for most cases of this crime.

Identity thieves where also able to adapt to modern and old ways. They were able to manage their skills well enough that they can still use the dumpster dive or internet hacking, both in an efficient manner. The dumpster dive way of thieving identity is the reason why most people opted to buy shredders for their personal documents. Literally, identity theft can be done by just going through the garbage dumpsters of random neighborhood. An identity whether it belong to a rich individual or to a poor one would not matter much since the thief’s goal is only to use the identity for transferring the monetary burden of his needs to others.

The fast development of the information drive has also opened new possible crime spot for identity thieves. Outgoing mails and ingoing mails are used by thieves to get vital information from their prospect victims. Spam emails can also be used if the offer services that require filling up some vital information.

The worst part of identity theft is that it can make the most credit worthy person into an unworthy one by getting debts that will not be paid or buying through credit card accounts that are on the limit. To answer this part of the crime, the three major credit bureaus started offering assistance in dealing with solicitations by giving individuals the right to delete their name from listings of credit card companies. In this way the inquiries that would allow anyone to see the personal information of the individual will be limited to hard inquiries alone.

A successful thievery of an individual’s identity in general will not only result to financial losses. It will also result into an indefinite lowering of the individual’s credit score because the negative credit record made by the thief will steal be reflected in the report given by the credit bureaus.

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