- The Federal Trade Commission (FTC) reports that identity theft can happen to nearly anyone. Most consumers will discover repercussions of identity theft after the fact; when reviewing statements or bills of accounts they did not open or by ordering their credit report. Once the thief has opened the account or inquiry, the account is reported to credit reporting agencies, having an adverse effect on the consumer when he attempts to open new trade lines or applies for new credit.
- Effects of identity theft can be far-reaching and there is no definitive period for a consumer to remove falsified items or accounts from his report. The time it takes to clear the effects of identity theft can range from months to years and will be dependent on her efforts and cooperation of the account holders servicing the fraudulently opened account.
- The FTC recommends consumers shred and dispose of personal information properly, so potential identity thieves cannot recover the information. In addition, the FTC suggests not providing personal information such as social security numbers or other sensitive personal data over the telephone or Internet. There are additional pay-per-use services available to consumers to monitor their credit reports, but the FTC advises that those services be researched through the Better Business Bureau before making a selection.
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