02/27/2005

Credit Cards and ID Theft

From the Connecticut Post Online's article, ID theft scam raises callsfor credit industry reform:

ChoicePoint … which has purchased and collected 19 billion records on consumers over the years, said that 145,000 people will be affected because it failed to detect a ring of thieves who opened accounts to mine ChoicePoint's information for approximately a year. Law enforcement officials investigating the matter say it's more like 500,000.

<snip>

By getting a Social Security number, the name that goes with it and a few other pieces of data, which apparently happened at ChoicePoint, crooks can open up new credit card accounts or take out loans that might affect a person's credit report.

At least they're admitting it.

Reminds me of the television program that interviewed a gentlemen down in the Louisiana bayou country (if I recall correctly) who had to pay excess taxes for years because someone was fraudulently using his Social Security number for reporting (the imposter's) own income. Makes me wish the Social Security issue would go away; I mean, is anyone really expecting to get much from the income paid to Social Security? Not my idea of a good retirement income, when that time comes.

Thanks to the hard working folks at Merchant911.org for the tip.

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