Preventing Identity Theft: Keep Your Information and Credit Protected

Identity theft is a serious crime that can quickly pose a risk to your financial and personal wellbeing if not caught early or prevented entirely. Identity theft occurs when someone steals your personal information such as your Social Security number, credit card details, or bank account information without your permission. Once a bad actor has this information, they can open accounts, make purchases, or take out loans in your name, leaving you to deal with the consequences. While technology has made financial transactions more convenient, it has also provided new opportunities for criminals to access sensitive data. This makes it essential to understand the risks of identity theft and take steps to protect yourself. 

One of the most significant ways identity theft can impact you is by damaging your credit. When a thief uses your personal information to open new credit or run up charges on your existing accounts, those unpaid bills can quickly turn into a negative mark on your credit report. Since credit scores are calculated based on activity like payment history and debt levels, fraudulent activity can severely lower your score. This can make it harder to qualify for loans, credit cards, or even housing until the issue has been resolved. The longer the fraud goes undetected, the more damage it can cause, potentially leaving you with a complicated and lengthy process of recovering your credit.

Fortunately, there are steps you can take to protect yourself from identity theft and minimize the risk of someone stealing your information. Always be cautious with your personal details, especially when sharing them online or over the phone. Only use secure websites for financial transactions and never respond to unsolicited emails or phone calls asking for your information. If you receive a call or voicemail that you feel uneasy about or suspect may be fraudulent, take the time to contact your service providers directly using the telephone number publicly listed on their website to ensure you are connected to a reliable source.

Regularly monitoring your credit report is another key step in catching potential fraud early. By reviewing your report, you can spot unfamiliar accounts or transactions and take immediate action. You can pull a copy of your credit report from each credit bureau once every year at AnnualCreditReport.com. Additionally, consider placing a fraud alert or credit freeze on your credit if you believe your information has been compromised.

As scammers continue to better leverage technology in their malicious aims, identity theft is an ever-present threat. Staying informed and vigilant can make all the difference when it comes to staying protected. At On Tap Credit Union, we’re here to help you navigate these challenges, offering tools and resources to safeguard your financial future. If you suspect you’ve fallen victim to identity theft, contact us right away so we can assist in protecting your accounts and guide you through the recovery process.