Once the thief has your personal information he or she can start spending all of your money.

They will purchase expensive items using your credit and debit card numbers. Oftentimes, they will even take out a large loan and write bad checks under your name. With your name, date of birth, and social security number they open a new credit card account, and of course do not have to pay the bill. In the meantime, the delinquent account is reported on your credit report, in turn destroying your rating.

As you can see it is very easy to become a victim, and the consequences can be enormous and take a very long time to sort out. It is essential to do everything within your power to protect yourself.

The facts about how much of an expensive, tedious, time–soak it is to fix the damage caused:

• If your account information is stolen and used to purchase expensive items you are only given 60 days to dispute the charges. If you do not notice the charge within 60 days then you are now responsible for the bill.
• Recent statistics from the US Government show that you can expect to spend on average 600 hours and $1,200 working to restore your good name. 600 hours of being on hold on the telephone, dealing with bureaucrats, and unhelpful customer service individuals. Around $1,200 of your money will be put towards a cause that is no fault of your own.

Tips and advice that will help you protect yourself:

1. Occasionally obtain and check a copy of your own personal credit report. You can then check to see if you have any outstanding credit damage or loans with companies you are not aware of. Sign up today and you will receive a complementary credit report.
2. If you lose your credit or debit card, immediately inform the bank to have them cancelled. If you think it has been a few days since you lost the card(s) make sure you inform them of this so that they can mark any transactions after this date as suspect.
3. When using a credit card to shop online or over the phone always make sure that you are communicating with the actual company. Never give out your social security number, bank account numbers, or credit card numbers to anyone who calls you on the phone. Legitimate companies should not ask for this information.
4. Always check your bank statements and credit card bills line by line. If you have not received a statement for a while then call to inquire why. You should receive a statement even if your balance is paid.
5. Criminals will rummage through your garbage, so make sure to shred any paperwork you throw away, especially if you are running your own business. Shredders can be picked up for next to nothing, and will provide you piece of mind.
6. Keep important documents such as birth certificates and passports in a lockable drawer, home safe, or better yet a safe deposit box.
7. Choose passwords wisely. Do not use numbers and words related to your personal life like names, birthdays, addresses, phone numbers, etc. Criminals can easily hack into your account by using software that rapidly cycles through guess passwords. Also, do not divulge any information that could be used against you on social media sites such as Facebook, MySpace, and Twitter.
8. Be alert and take all necessary precautions. You must always be alert any time money and personal information are involved. Take simple precautions like making sure no one can see your PIN while using an ATM. The same goes if you are using your credit or debit card. Make sure that the amount is the same with the actual total amount of your purchase before signing the receipt.

Even if you follow all of these precautionary measures, it is still very easy for your identity to be stolen. Protect yourself before you become a victim.

Why Identity Theft Protection Is a Smart Decision

If you've been watching the news lately you know that personal and financial privacy is becoming more and more important. One need only to look at the amount that social networks such as Facebook are in the news to know that the potential for identity theft has skyrocketed. There are numerous ways that you can protect yourself with identity theft protection.

You may be wondering why you would want to consider identity theft protection as an investment rather than just taking some minor precautions on your own. True, while shredding important documents, cutting up credit cards, and being very judicious about what information you post online can help, there are ways to get around all of that and sometimes no matter what you do you may find that your identity ends up in the wrong hands. One major benefit of investing in identity theft protection is that you have a company whose sole job is to stop potential identity theft before it happens.

Identity theft protection companies monitor things such as your credit cards, online purchases, when and where a particular email address is used, and then compare them to the records you have provided them. Thus, this builds a profile to show your spending pattern. Should those patterns deviate too much you will be notified.

Some common sense tips are to always monitor your bank and credit card accounts and take action on any charges that you don't recognize. You need to remember that you are given the chance to dispute a particular charge within 60 days otherwise you are responsible for that particular charge. This is another way that identity theft protection comes in handy because it alerts you immediately to suspicious activity that you may otherwise miss.

Identity theft protection has one other very valuable benefit. It gives you the peace of mind to know that should you ever have your identity stolen you have a company that you can turn to that will help you restore your good name.