Red Flag 5

 

When someone commits financial fraud in your name, one of the first places it shows up is on your credit report. A thorough credit monitoring service for you and your spouse can be an invaluable early warning system especially if someone is establishing new credit in your name, for example credit cards, loans, mortgages, etc.

 

You can easily detect “existing account” fraud by reviewing your bank and credit card statements each month. Look out for withdrawals and charges you didn’t make. For electronic, debit card, and ATM withdrawals you must notify the bank within 60 days or you may be fully responsible for losses.  Even if you notify them within two days, you are responsible for $50 by law.

 

Look out for other clues such as invoices for items you did not purchase and calls from creditors and bill collectors. If bill collectors are calling for your children or a deceased parent —- it’s a clue they have become victims of identity fraud or theft.  Children can be easy targets.  At least annually attempt to obtain a credit report on your children by using their social security number. They should not have a credit report, but if they do, it’s a clue that they have become victims.