Are there laws regarding identity theft? While the answer may seem obvious, the reality is that identity theft in its current form is a recent type of crime, and many identity theft laws have been created specifically as a response to modern identity theft crimes. Here’s what you need to know about identity theft laws.
What’s important for you to know regarding identity theft laws is that you are not responsible for any actions perpetrated by someone who has stolen your identity. This includes speeding tickets, immigration violations, credit card charges and fraudulently acquired loans. However, the longer someone uses identity, the more they damage your reputation and credit rating, and cause the process of repairing these things take much longer.
You should also know that identity theft is most definitely a crime, and those caught perpetrating identity theft can expect to spend many years behind bars. However, because identity theft so often goes undetected until it is too late, these identity theft laws do not tend to deter criminals. This is why it is so important to have good identity theft protection. Not only will it allow you to save your reputation, it will allow more identity thieves to be caught, hopefully making future identity thieves think twice about the profession they’ve chosen.
Identity theft laws cannot help you as much if you don’t take action to protect yourself. One great way to do this is by signing up for credit monitoring. Credit monitoring will enable you to receive email alerts whenever there is any noticeable change in your credit score or on your credit report. If you are a victim of identity theft, there is a good chance that this will let you know right away. For example, if you learn that a loan was taken out in your name or a new savings account has been opened up, you can immediately contact the bank and let them know that you have not authorized this transaction. Hopefully they will not only stop the transaction before any damage is done, but also catch the thief in the act. It is unlikely that the same identity thief would go after you a second time, but the more often identity thieves are apprehended, the more likely it is that future identity thieves will find some other way to make money.
Credit reports and credit monitoring are not just good for catching identity thieves. They are also a great way for you to stay on top of your finances and see how strong your credit is and what you might need to do to make it better. Borrowing power is freedom, and a solid level of credit knowledge can lead to more of that borrowing power.