Wizzard
15 May 2007, 22:48
I would like to take the opportunity to explain why it is so important to keep track of your credit report. This information is being passed along based on a case I am investigating. Because the investigation is still ongoing, I will not provide specific details of those involved.
There are a total of four subjects, three are already in custody. They obtained identifying information on over 300 people throughout several western states. The subjects spent much of their time going through all of the records. The records contained more information than you could imagine; name, date of birth, social security numbers, home and work addresses, cell phone numbers, home and work numbers and credit reports. The credit reports contained valid accounts with numbers to include credit scores.
With this information in their possession, the subjects would make fake identification cards. After making the fake identification they would go to various businesses and complete credit applications. Since they had the credit reports they knew which names would give them the best chance of receiving the credit. Once the credit application was approved they would go on a spending spree. After making their purchase, the subjects would sell the merchandise on the street at half price. They bragged about buying big screen televisions and selling them for a couple hundred dollars. If they were unable to sell the merchandise on the streets, it was taken to a pawn shop and either sold out right or pawned.
During an interview with the subjects, the ringleader admitted possessing this information for several years. They would hold on to this information until they needed new information to open an account. Not only did they open credit accounts they would print their own checks on valid accounts and cash them anywhere they could.
Many of the victims were unaware their identity was compromised until they were contacted by the police. Most of the victims felt the police were identity thieves trying to get their information. In several instances the local law enforcement agency would have to physically go to the victim's home and knock on the door or leave a business card. After being contacted by law enforcement about the incident, 75% of the victims admitted they have not checked their credit report in several years.
If you monitor your credit reports on a regular basis, you may be able to stop this kind of fraud in the early stages. If you don't . . . watch out! One of the victims is looking at about $50,000 in fraudulent charges and bad checks.
There are a total of four subjects, three are already in custody. They obtained identifying information on over 300 people throughout several western states. The subjects spent much of their time going through all of the records. The records contained more information than you could imagine; name, date of birth, social security numbers, home and work addresses, cell phone numbers, home and work numbers and credit reports. The credit reports contained valid accounts with numbers to include credit scores.
With this information in their possession, the subjects would make fake identification cards. After making the fake identification they would go to various businesses and complete credit applications. Since they had the credit reports they knew which names would give them the best chance of receiving the credit. Once the credit application was approved they would go on a spending spree. After making their purchase, the subjects would sell the merchandise on the street at half price. They bragged about buying big screen televisions and selling them for a couple hundred dollars. If they were unable to sell the merchandise on the streets, it was taken to a pawn shop and either sold out right or pawned.
During an interview with the subjects, the ringleader admitted possessing this information for several years. They would hold on to this information until they needed new information to open an account. Not only did they open credit accounts they would print their own checks on valid accounts and cash them anywhere they could.
Many of the victims were unaware their identity was compromised until they were contacted by the police. Most of the victims felt the police were identity thieves trying to get their information. In several instances the local law enforcement agency would have to physically go to the victim's home and knock on the door or leave a business card. After being contacted by law enforcement about the incident, 75% of the victims admitted they have not checked their credit report in several years.
If you monitor your credit reports on a regular basis, you may be able to stop this kind of fraud in the early stages. If you don't . . . watch out! One of the victims is looking at about $50,000 in fraudulent charges and bad checks.