Identity Theft - The First Misconception

Through various conversations and research, it has become apparent to me that there are three major misconceptions about Identity Theft.

1. That it is just about your credit cards or your finances
2. That you can't be held liable for the debt racked up in your name by thieves
3. That you can take steps to 100% prevent the crime

Nothing could be further from the truth.

Identity Theft - The First Misconception

"That it is just about your credit cards or your finances"

Identity theft is so much more than just your credit cards or your finances. In fact, the Federal Trade Commission reports that only 28% of identity theft has to do with your credit cards and less than half of all reported instances are financial in nature. Please refer to the May 14th post to review the five common types of identity theft to gain an understanding on what Identity Theft really is.

My definition of Identity Theft is: "When someone gets some piece of information about you, personally, professionally, or financially, and uses it to their benefit and your detriment". The mainstream media is missing the boat because the majority the of reporting done focuses on the financial side of the equation. They are completely missing 4/5's of the problem.

Here are three great stories that hopefully will help you kill The First Misconception

MEDICAL IDENTITY THEFT: The Information Crime that Can Kill You

Identity Theft Woes

Illegal Immigrants and Identity Theft

Our next post will cover The Second Misconception: "That you can't be held liable for the debt racked up in your name by thieves"