Guarding Against Identity Theft

Steps you can take to protect your privacy By Brian Kraft In the course of a busy day, you may write a check at the grocery store, charge tickets to a ball game, rent a car, mail your tax returns, change service providers for your cell phone, or apply for a credit card. In each transaction, you reveal bits of personal information, like your bank and credit card account numbers; your income; your Social Security Number (SSN); or your name, address, and phone numbers -- a goldmine of information for an identity thief. Once a thief has that information, it can be used without your knowledge to commit fraud or theft. Identity theft is a serious crime. People whose identities have been stolen have to spend time and money cleaning up the mess the thieves have made of their good name and credit record. They may lose out on job opportunities, and loans for education, housing, or cars. They may even get arrested for crimes they didn't commit. Can you prevent an identity theft? As with any crime, you cannot completely control whether you will become a victim. But according to the Federal Trade Commission (FTC), the nation's consumer protection agency, you can minimize your risk by managing your personal information cautiously. Here are a few ideas and action items that can help you protect yourself: For helpful hints, brochures, and videos, visit the Federal Trade Commission's Web site on indentity theft. Obtain a free annual credit report for you and your spouse. Place your home and/or cell phones on the National Do Not Call list for five years or forever (888.382.1222). Place your home and/or cell phones on the Texas Do Not Call list for three years (866.896.6225). We all receive unsolicited mailings (credit cards, etc.). Many identity thieves will steal your discarded mailings (if not shredded) from your trash and set up false accounts. To stop unsolicited mailings, call 888.5.OPTOUT (888.567.8688). . . . Brian D. Kraft is an Assistant Vice President and Wealth Management Advisor with Merrill Lynch at their Dallas Galleria office.