Don't be a Victim of Identity Theft

By Paul D. McDonald, M.B.A.

We live in an information-oriented society. Technology allows us to do business and make transactions literally in a matter of seconds. This abundance of information has given rise to a new crime - identity theft. In fact, according to a 2003 release from the Federal Trade Commission, approximately 27 million Americans have fallen prey to identity thieves since 1999. Each year that number climbs higher and higher. In 2003 alone, almost 10 million people in the United States reported being victimized by identity bandits.

So what does that mean? Someone has stolen your credit card - your credit card company can help you with that, right?

Well, according to the FTC, almost 60% of identity theft issues don't pertain to your existing credit card accounts. Identity theft can occur as a result of new lines of credit being opened in your name either through credit cards or bank loans, as well as phone/utility fraud and even employment related fraud. Because we are susceptible through so many avenues in our daily life, we are all at risk.

What can you do? Where would you turn if you found yourself in this situation? Would you know where to start to clear your name? Well, now you don't have to worry about what to do as we have the answer.

As you already know, Pre-Paid Legal Services?, Inc. is a pioneer of the legal services industry. With more than 30 years of experience in providing legal rights protection to our members, we have now teamed with Kroll Inc., the world's largest risk consulting company.

For more than 30 years, Kroll has helped companies, government agencies and individuals reduce their exposure to risk and capitalize on business opportunities. Kroll is an operating unit of Marsh Inc., the risk and insurance services subsidiary of Marsh & McLennan Companies, Inc., the global professional services .rm. With offices in more than 60 cities in the United States and abroad, Kroll can operate and restructure businesses; scrutinize accounting practices and financial documents; gather and filter electronic evidence for attorneys; recover lost or damaged data from computers and servers; conduct in-depth investigations; screen domestic and foreign-born job candidates; protect individuals, and enhance security systems and procedures. Over the last three years, Kroll has developed a unique solution for victims of identity theft. This new service is now available to Pre-Paid Legal members through the IDENTITY THEFT SHIELD benefit.

What does this benefit provide our members? The Identity Theft Shield gives you easy access to the resources you need to understand your credit ratings and to fight back if an identity thief threatens your financial standing. This benefit is designed to alert you to suspicious account activity, and to restore any resulting damage to your credit history.

1. Credit Report Through Experian

Make sure your financial records are accurate. Your credit standing is one of your most important financial assets. It not only affects your ability to get credit, it often dictates the interest rate at which you can borrow. It can also affect your ability to purchase insurance or to find employment. Some insurance companies and prospective employers use your credit rating to gauge your sense of responsibility.

Experts recommend you review your credit report regularly. The Identity Theft Shield makes it easy. Members are entitled to an up-to-date credit report from Experian at no additional charge.

Personal Credit Score and Analysis from Experian. Know your credit score . . . and how it affects your ability to borrow.

Your credit score is derived from the information in your credit report. This score is used by lenders to determine your creditworthiness. The higher the number, the better your chance of being approved for the credit you want. A detailed analysis of your Personal Credit Score will be included with your Credit Report. You can use this analysis to evaluate your current credit standing.

2. Continuous Credit Monitoring Through Experian

Learn of suspicious activity before your credit is ruined. A professional thief can assume your identity in just a few hours. But it can take years for you to repair your credit standing. Early detection is key to minimizing the damage caused by thieves who steal you name.

With your Identity Theft Shield membership, your credit .les will be monitored through Experian daily. Suspicious activity will be brought to your attention, providing you with early detection. You'll receive prompt notice if any new accounts are opened in your name . . . or if negative notations are added to your credit report.

3. Fraud Restoration Service

Get personal assistance and advice from experts. Any discrepancy in your credit report should be addressed at once. Call our Customer Service Department at the designated Identity Theft Shield number and explain your concerns. If it is identity theft, our fraud investigators will assist you every step of the way. A Fraud Restoration package with complete and detailed materials, aids, and instructions will be rushed to you.

If you sign a Limited Power of Attorney, you will be entitled to Enhanced Restoration Services. Kroll will work with you to determine the extent of the fraud in your credit and regarding your identity. On your behalf, Kroll will issue fraud alerts to the three major credit repositories, the Federal Trade Commission, the Social Security Administration, and the United States Postal Service. Kroll will work with the bureaus, creditors, and collection agencies to restore your credit accuracy with regard to your identity theft issues. If necessary and reasonable, Kroll will work with law enforcement, the department of motor vehicles, and other organizations to resolve your identity theft issues

If you decline the Limited Power of Attorney, you will receive Basic Consulting Services. Kroll will work with you to determine the extent of the fraud in your credit and regarding your identity. Kroll will provide you with contact information and procedures for the organizations you will need to work with. Kroll will provide sample letters and forms and be available to you through a toll-free phone number for assistance and advice throughout the process of restoring your identity.

Now, it is important to understand any identity theft that occurred prior to the membership enrollment or any situations relating to a business identity are not covered. Identity Restoration will not apply if the identity theft is the result of a dishonest, criminal, malicious, or fraudulent act you, your spouse, or child participated in, directed, or had knowledge of. Restoration services will not be provided for a preexisting, known stolen identity event. You must be an active, paid member to receive restoration services. Plan benefits do not cover financial losses arising from the identity theft.

Did you know, that on average, victims spend more than 175 hours and $1,500 in out-of-pocket expenses to clear their names? With Pre-Paid Legal's IDENTITY THEFT SHIELD, the cost of combating identity theft is much less. For just $12.95 a month [$9.95 along with the Pre-Paid Legal membership], IDENTITY THEFT SHIELD members have the added security of knowing they have someone to fight the battle for them. And the best thing is, this monthly fee provides benefits to you, the member, and your spouse.

Reports on identity theft are everywhere - television, newspapers, magazines, talk shows, etc. Now that you know this benefit is available, doesn't it make sense to have this sort of coverage? Imagine the peace of mind you would have knowing you and your spouse would have access to all of these services if you found yourself to be an identity theft statistic? Contact Paul D. McDonald, Independent Associate, to sign up for your Identity Theft membership by calling toll-free 1-877-711-1264. Don't wait until it is too late - do it today!

For a full list of disclosures and exclusions, please consult the Identity Theft Shield written material provided by Pre- Paid Legal.

Paul D. McDonald, MBA is a financial professional specializing in working with seniors and business owners. He assists people in making decisions on retirement planning, investing, insurance, budgeting, debt management, and many other critical financial decisions.

Paul can be reached by email pauldmcdonald@prepaidlegal.com or by calling 1-877-711-1264. You can visit his website at http://www.877-711-1264.com for more information