Q: My friend was recently the victim of identity theft. Now she is faced with the overwhelming task of cleaning up her damaged credit. How can I prevent the same from happening to me?

A: The Federal Trade Commission estimates that the average victim of identity theft is unaware of the problem for 12 months. A lot of damage can be done in 12 months, costing a substantial amount of time and money to reconcile. The following tips will help reduce your risk of identity theft:

Protect your Social Security Number (SSN)

• When applying for a loan, credit card or anything requiring a credit report, request that your SSN on the application be truncated or destroyed and that your report be returned to you once a decision has been made.
• Be cautious about giving out your SSN, as it is the key to your credit report and other financial or personal information.
• If your school uses your SSN as your student ID number, request a different number.

Monitor your Credit Report

• Periodically review your credit report to ensure accuracy of information and address discrepancies immediately.
• Make sure to monitor your credit report with all three credit bureaus (Equifax, Experian, TransUnion) to ensure no one applies for credit using your name.

Credit Card & Personal Information Precautions

• Don’t carry extra credit cards or other ID documents unless needed.
• Make copies of your credit card account numbers, expiration dates and phone numbers and keep them in a secure place.
• Examine all charges on your statements before making a payment.
• Shred all credit card offers, receipts and statements at home.
• Never give out personal information over the phone unless you have initiated the call and can verify the business is legitimate and trustworthy.
• Cancel unused credit card accounts.

Helpful Resource: If you think you may be a victim of identity fraud or want more information on protecting yourself from identity theft, go to www.fightidentitytheft.com