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You may have heard the term "identity theft" on the news lately. It's a growing problem that costs victims over $5 billion per year.
Module Transcript
Identity theft occurs when someone uses your good credit to get credit cards, loans, cell phones and just about anything that requires detailed personal financial information, leaving you responsible for someone else's spending spree. As a result, nearly 10 million people per year have their credit reports damaged.
It can take months or even years to repair the damage of identity thieves, during which you could be denied credit, mortgages or even jobs as the result of their actions. As a student or recent graduate, being a victim of identity theft jeopardizes your financial future just as you are beginning to establish your credit record.
College students are particularly attractive to identity thieves. They don't generally carry a lot of cash, but instead rely on debit and/or credit cards to shop online and pay bills.
Thieves get your personal information from stealing your wallet or mail, through passwords stolen from computers, by posing as legitimate companies to fool you into revealing information, and through a host of other scams.
Take control of your personal information and remember: you can't afford to allow identity theft to happen to you.
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