50 Ways to Protect Your Identity and Your Credit Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports

by Weisman, Steve

• ISBN13: 9780131467590
• ISBN10: 013146759X
• Format: Paperback
• Copyright: 2005-01-04
• Publisher: Ft Pr

Summary

Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports

"The author substitutes straight talk for legal mumbo-jumbo in 50 Ways to Protect Your Identity and Your Credit. Reading this book is like getting a black belt in consumer self-defense."

–Jim Bohannon, host of The Jim Bohannon Show

"Identity theft is among the fastest-growing problems facing Americans today. This book will help you learn all you need to know to protect your lives, money, and security. Consider it your first stop in your quest for knowledge and guidance to prevent ID theft."

–Robert Powell, Editor of CBS MarketWatch

"As one who has lived through some of the nightmare scenarios discussed by the author,

I believe "Steve's Rules" (Chapter 14) need to be placed in a prominent place so you can see them any time you think you are safe. They may be the new practical commandments for financial survival."

–Doug Stephan, host of the Good Day nationally syndicated radio show

"Detecting and stopping identity thieves is imperative to protecting your finances and financial reputation. Steve Weisman shows you how to protect yourself and what steps to take if you are victimized. This is a must-read for anyone with a bank account and a credit card!"

–Bonnie Bleidt, Boston Stock Exchange Reporter, CBS4 Boston, Host of Early Exchange, WBIX

Don't be a victim! Save your identity, save your credit–and save a fortune!

10,000,000 Americans had their identities stolen last year–don't be the next!

Discover easy steps you can take now to reduce your vulnerability.

Recognize "phishing" and other identity scams–online and off.

Learn what you must do immediately if you've been attacked.

Defend yourself against credit rip-offs, and stop paying more than you have to!

It's all here: simple rules, handy checklists, even easy-to-use form letters!

© Copyright Pearson Education. All rights reserved.

Author Biography

STEVE WEISMAN hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations across America, including New York City's legendary WOR and KRLA Los Angeles. A member of the National Association of Elder Law Attorneys, he has taught at the University of Massachusetts, Curry College, and Boston University, and is an adjunct faculty member at Bentley College. He holds a JD degree from Boston College Law School and is admitted to practice before the United States Supreme Court. Weisman has a legal practice in Cambridge, Massachusetts. He also speaks to groups on legal topics throughout the country. Weisman is legal editor and columnist for Talkers Magazine, and writes for publications ranging from The Boston Globe to US Air Magazine. He has earned a Certificate of Merit from the American Bar Association for excellence in legal journalism. He is the author of A Guide to Elder Planning: Everything You Need to Know to Protect Yourself Legally & Financially (Financial Times, Prentice Hall).

© Copyright Pearson Education. All rights reserved.

Table of Contents

INTRODUCTION	xxv
1 IDENTITY THEFT	1	(14)
FTC Survey	1	(1)
A Big Problem	2	(1)
Treasury Secretary John W. Snow on Identity Theft	3	(1)
Terrorism and Identity Theft	3	(1)
Patriot Act	4	(1)
What Do Identity Thieves Do?	4	(3)
Phishing-Go Phish	7	(4)
Phishing with a Pal	7	(1)
Former Good Advice	8	(1)
Two Things to Look For	9	(1)
More Good Advice	9	(1)
AOL Scam	9	(1)
Phishing with a Large Net	10	(1)
Phishing Around the World	10	(1)
How Do You Know That You Have Been a Victim of Phishing?	11	(1)
What You Can Do to Prevent Identity Theft	11	(3)
Endnotes	14	(1)
2 MAKING YOURSELF LESS VULNERABLE TO IDENTITY THEFT	15	(12)
Lottery Scams	16	(1)
Vote for Me	17	(1)
Do Not Call	18	(1)
Cell Phone Cameras	18	(1)
A Danger in the Workplace	18	(1)
Identity Theft and the ATM	19	(3)
A Primer on ATM Identity Theft	20	(1)
What Can You Do to Protect Yourself from Identity Theft at the ATM?	21	(1)
The Race to Catch an ATM Identity Thief	21	(1)
Identity Theft and Young People	22	(1)
Mailboxes and Identity Theft	22	(1)
More Tips for Making Yourself Safer from Identity Theft	23	(4)
3 DANGER ON THE COMPUTER AND WHAT TO DO IF YOU ARE THE VICTIM OF IDENTITY THEFT	27	(12)
Spyware	27	(1)
What Can You Do About Spyware?	28	(4)
It's Not Always Good to Share	29	(1)
Just When You Thought It was Safe to Go Back to Your Computer	29	(3)
Wi-Fi: Something New to Worry About	32	(1)
Stories	32	(2)
A Towering Problem	32	(1)
We Regret to Inform You	33	(1)
Keys to Identity Theft	33	(1)
If You Can't Trust Your Lawyer, Whom Can You Trust?	34	(1)
What to Do If You Are a Victim of Identity Theft	34	(5)
4 YOUR SOCIAL SECURITY NUMBER-AN IDENTITY THIEF'S LUCKY NUMBER	39	(12)
Driver's License	39	(1)
When and Where Must You Provide Your Social Security Number?	40	(1)
Should You Try to Get a New Social Security Number If Yours Has Been Used for Identity Theft?	40	(1)
Restrictions on the Use of Social Security Numbers	41	(1)
Not Even Safe After Death	41	(1)
In the Navy	42	(1)
Doctored Records	42	(1)
New Definition of "Chutzpah"	43	(1)
Workplace Identity Theft	44	(4)
Looking for a Job	44	(1)
I Gave at the Office	45	(1)
Who Do You Trust?	45	(1)
Another Inside Job	46	(1)
Disgruntled Employee	46	(1)
Temporary Worker-Long Time Problem	46	(1)
Another Horror Story	47	(1)
Preventing Identity Theft at Work	48	(1)
Higher Education and Identity Theft	48	(3)
School of Thieves	49	(1)
Fool Me Once	49	(1)
Oops	49	(2)
5 CRIMINAL IDENTITY THEFT, TAXES-AND MORE ARRESTING PROBLEMS	51	(16)
Criminal Misidentification	51	(3)
Hoisted with His Own Petard	52	(1)
That's Me. That's Me. That's Not Me.	52	(1)
Arrest Gone to Pot	52	(1)
And You Thought You Had a Bad Day	53	(1)
It's Not Just the Money	53	(1)
What Should You Do If You Are the Victim of Criminal Identity Theft?	54	(1)
Taxes and Identity Theft	55	(3)
Tax Preparation and Identity Theft	55	(3)
Identity Theft and Investments	58	(1)
Deadly Results of Identity Theft	58	(2)
Urban Myth	60	(1)
Stories	60	(2)
Not So Happy Birthday	60	(1)
It Can Happen to Anyone	61	(1)
It's Not Nice to Fool with Mother Nature	61	(1)
Belgian Waffling	61	(1)
Battling the Companies with Which You Do Business	62	(3)
Twice Victimized	62	(1)
"The Same Old Watson! You Never Learn That the Gravest Issues May Depend Upon the Smallest Things."	63	(1)
Can't I Sue Somebody?	64	(1)
And for Dessert, Your Credit Card	65	(1)
Endnotes	65	(2)
6 TECHNOLOGY, BUSINESS, AND GOVERNMENT FIGHT IDENTITY THEFT	67	(12)
High Tech Tactics to Combat Identity Theft	67	(8)
Biometrics	67	(1)
Garbage In-Garbage Out	68	(1)
Privacy Concerns	69	(1)
Oh, Grandma, What Big Ears You Have	69	(1)
Voice Recognition	69	(1)
The Future Is Now	70	(1)
Retinal Scans	70	(1)
Fingerprints	71	(4)
Business Fights Back	75	(1)
Identity Theft Insurance	75	(1)
Culture of Security	76	(1)
Just Do the Best You Can	76	(1)
Endnotes	77	(2)
7 FINANCIAL PRIVACY PLEASE: THE GRAMM-LEACH-BLILEY ACT	79	(6)
Safeguard Rules	82	(1)
Pretexting	82	(1)
Opt Out, Opt In	83	(1)
Good Guys in Congress	84	(1)
The Bottom Line	84	(1)
8 CREDIT CARDS	85	(20)
The History of Credit	85	(1)
Plastic Man	85	(1)
Don't Leave Home Without It	86	(1)
Very Interesting	87	(1)
Trivia That Can Win You a Bar Bet	87	(1)
Fees	88	(5)
Annual Fee	88	(1)
Minimum Finance Charge	89	(1)
Cash Advance Fees	89	(1)
Late Fees	90	(1)
Over the Credit Line Fee	90	(1)
Transfer Fees	90	(1)
Returned Payment Fee	90	(1)
Fine Print Warning	90	(1)
Blocking	91	(1)
Payment Tip	92	(1)
Payment Tip Two	92	(1)
Other Terms with Which You Should Be Familiar	93	(5)
Grace Period	93	(1)
Annual Percentage Rate (APR)	93	(1)
Introductory Rate	93	(1)
Fixed Rate	94	(1)
Calculating Your Monthly Finance Charges	94	(1)
Pre-approved	95	(1)
Secured Cards	96	(1)
Debit Card	97	(1)
Personal Identification Number (PIN)	97	(1)
Extra Card Benefits	98	(7)
Cash Back	98	(1)
Extended Warranty	98	(1)
Purchase Protection	98	(1)
Travel Discounts	98	(1)
Rental Car Insurance	98	(1)
Online Fraud Protection	99	(1)
Reward Plans	99	(1)
Picking a Card	100	(1)
Gold Cards	101	(1)
Zero Interest Credit Cards	101	(2)
Credit Where Credit Is Due	103	(2)
9 FINE PRINT	105	(14)
What Interest Rate Will You Pay?	105	(1)
Diogenes Would Be Proud	106	(1)
Late Fees	106	(1)
Avoiding Late Fees	107	(5)
It's the Fees	108	(1)
Cash Advances	108	(1)
Credit Card Disability Coverage	108	(1)
Advance Fee Cards	109	(1)
What Happens When Your Credit Card Is Sold?	109	(1)
Oh, You Tease	110	(1)
Risk-Based Pricing	111	(1)
Transferring Balances	112	(6)
The Ultimate Trap	112	(1)
Is It Always a Good Deal Even If I Get the Advertised Rate?	113	(1)
More Fine Print in the Balance Transfer Agreement	113	(1)
Golden Rule-Credit Card Style	113	(1)
The Only Thing Certain Is Change	114	(1)
A Light at the End of the Tunnel	114	(1)
A Few Things to Remember	115	(1)
A Tip	115	(1)
Their Holiday Gift to You	115	(1)
Gambling with Your Credit Cards	115	(1)
Fair Credit Billing Act	116	(1)
Check the Address	117	(1)
Critical Information	117	(1)
Picky Little Detail	117	(1)
Affect on Your Credit Rating	118	(1)
What If the Investigation Rules Against You?	118	(1)
Fine Print in Your Favor	118	(1)
Endnotes	118	(1)
10 PROTECTION FROM CREDIT DISCRIMINATION	119	(8)
The Equal Credit Opportunity Act	119	(8)
Voluntary Disclosures for Monitoring Purposes	120	(1)
What the Law Does and Does Not Do	121	(1)
Credit Over 62	121	(2)
Who Are You Going to Call?	123	(1)
For Love or Money	124	(1)
Individual Accounts and Joint Accounts	125	(1)
Credit Following a Divorce	125	(2)
11 CREDIT REPORTS	127	(20)
Big Business	127	(1)
How the System Works	128	(1)
What Is in Your Credit Report?	128	(1)
Who Has a Right to See Your Credit Report?	129	(1)
Who Should Not Have Access to Your Credit Report?	129	(1)
How Do I Obtain My Credit Report?	130	(3)
Reviewing Your Credit Report	130	(1)
Free Advice	131	(1)
A Million Dollar Mistake	131	(2)
Another Scary Story	133	(1)
Credit Scoring	133	(1)
If You Can't Beat Them, Join Them	133	(1)
Do You Want to Know a Secret?	134	(1)
The No-Longer Secret Formula	134	(1)
What's Your Score?	135	(2)
What Does Not Affect Your FICO Score?	136	(1)
How Often Is Your FICO Score Updated?	136	(1)
State Scoring	137	(1)
Timeliness	137	(1)
Your Credit Limit	137	(1)
Why Would You Refuse a Credit Line Increase?	138	(1)
Timing Is Everything	138	(1)
Credit History	139	(1)
Don't Know Much About History	139	(1)
Establishing a Credit History Quickly	139	(1)
Secured Credit Cards	140	(1)
Credit Inquiries	140	(2)
A Healthy Diet	142	(1)
Retail Credit Cards	142	(1)
No Good Deed Goes Unpunished	142	(1)
Closed Accounts	143	(1)
Canceling a Credit Card	143	(1)
The Battle Against Aging	144	(1)
How Many Psychiatrists Does It Take to Change a Light Bulb?	145	(1)
How Do I Get My Credit Score?	145	(1)
What Does It All Mean?	146	(1)
Garbage In-Garbage Out	146	(1)
What Can You Do to Improve Your Score?	146	(1)
12 CREDIT COUNSELING AND CREDIT REPAIR	147	(22)
How Bad Is It?	147	(1)
Credit Counseling Agencies (CCAs)	147	(16)
"I Have Always Depended on the
Kindness of Strangers"	148	(1)
Effect on Your Credit	149	(1)
Consumer Credit Counseling Services	149	(1)
Credit Repair Scams	150	(1)
Promises to Keep	151	(1)
Things to Watch Out For	151	(1)
How You Can Get into Trouble: Or, If It Looks Too Good to Be True, It Probably Is	152	(1)
Spam and Credit Repair	152	(1)
Watch Out for That Helping Hand	153	(1)
Non-Profit for Whom?	153	(1)
Because That Is Where the Money Is	154	(1)
The DebtWorks-Ballenger Group Conglomerate	155	(2)
Debt Can Be Profitable	157	(1)
The Cambridge-Brighton Conglomerate	157	(1)
Fees, Fie, Foe, Fum	158	(1)
Credit Counseling	159	(1)
Legal Problems for AmeriDebt	159	(2)
More Horror Stories	161	(1)
There Ought to Be a Law	162	(1)
Creditor Standards	163	(1)
How Do You Choose a Credit Counseling Agency?	163	(2)
Will Working with a Credit Counseling
Service Hurt Your Credit?	164	(1)
Do-It-Yourself Credit Repair	165	(1)
What Do You Look For?	165	(3)
A Small But Significant Piece of Advice	166	(1)
Next Step	166	(1)
Words to the Wise	166	(1)
Bea Pack Rat	167	(1)
Do-It-Yourself Credit Counseling	167	(1)
Endnotes	168	(1)
13 CONGRESS DEALS WITH CREDIT REPORTS AND IDENTITY THEFT: THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT	169	(14)
Major Provisions of FACT	170	(13)
Free Credit Reports	170	(1)
Reinvestigations Following Review of Free Credit Report	171	(1)
Summary of Rights	171	(1)
Fraud Alerts	172	(2)
Blocking of Information	174	(1)
Business Records Disclosure	174	(1)
Red Flag Guidelines for New Accounts and Change of Address Verification	174	(1)
Credit Card Number Truncation	175	(1)
Social Security Number Truncation	175	(1)
Banning of Collecting Debts Resulting from Identity Theft	175	(1)
Mortgage Lenders Are Now Required to Provide Credit Scores and Other Credit-Related Information	175	(1)
Other Disclosure of Credit Scores	176	(1)
Single Notice of Furnishing Negative Information	176	(1)
Risk-Based Pricing Notice	176	(1)
Future Rules Regarding Accuracy and Integrity of Information	177	(1)
Higher Standards for Providers of Information to Credit-Reporting Agencies	177	(1)
The Right of Consumers to Dispute Inaccurate Information Directly with the Furnisher	178	(1)
FTC Required to Report on Credit Report Complaints	178	(1)
Disclosures of Results of Reinvestigation	178	(1)
Notification of Address Discrepancy	179	(1)
Future Studies of Ways to Improve FACT	179	(1)
New Opt Out Rules for Prescreened Credit Offers	180	(1)
New Opt Out Rules for Marketing Solicitations	180	(1)
Study of Information Sharing	180	(1)
Credit Scoring Study	180	(1)
Establishment of the Financial Literacy Education Commission	181	(1)
Preemption of State Laws	181	(2)
14 STEVE'S RULES	183	(6)
Identity Theft Protection Rules	183	(2)
Rules to Follow If You Are a Victim of Identity Theft	185	(1)
Credit Counseling Rules	186	(1)
Credit Report and Credit Scoring Rules	187	(2)
15 FORM LETTERS	189	(32)
Letter to company with which you do business that has not been tainted by identity theft	190	(1)
Letter to credit-reporting agency reporting identity theft	191	(1)
Letter to business involved with identity theft	192	(1)
Fair Credit Billing Act letter	193	(2)
Letter of agreement to settle debt 194 Letter requesting removal of credit inquiry from credit report	195	(1)
Letter disputing information contained on credit report	196	(1)
Follow-up letter to credit-reporting agency	197	(1)
Opt out letter	198	(1)
Letter transferring a balance on a credit card	199	(1)
Letter to bank to close account following identity theft	200	(1)
Letter to check-verification company	201	(1)
Letter notifying bank of theft of ATM card	202	(1)
Letter requesting an extended fraud alert	203	(1)
Letter requesting blocking of information	204	(1)
Letter to credit-reporting agencies requesting truncation of Social Security number	205	(1)
Letter requesting re-aging of credit card account	206	(1)
Letter canceling a credit card	207	(1)
Second letter regarding canceling of credit card	208	(1)
Record of Identity Theft Communications	209	(1)
Credit Bureaus-Report Fraud	209	(1)
Banks, Credit Card Issuers, and Other Creditors	209	(1)
Law Enforcement Authorities-Report Identity Theft	209	(12)
INDEX	221