Identity theft describes when someone uses your personal information, such as your name and Social Security number, to either take over current credit accounts or open new ones using your identity. An identity thief might also rent an apartment, take a job, or even commit crimes using your name, but the identity fraud generally involves using your good credit rating without your knowledge.

Tactics for stealing your identity include stealing personal information and then using it to apply for credit or, sometimes, stealing preapproved credit card offers from your trash and sending them in with a change of address.

A clever identity thief can use your name and information for months without your knowledge, sometimes making the minimum payments on any accounts s/he opens so as to keep that credit line available longer. You might not find out what is happening until s/he uses the credit to its maximum limit and then stops paying, causing the creditor to send collectors out to find you to settle the debt.

Checking your credit report regularly is one of the few ways to catch identity theft before it goes that far. Just as reviewing your credit card statement can reveal charges you did not make, reviewing your credit report can reveal activity on accounts you don't use or new accounts you did not open, alerting you to the possibility of identity theft.

One of the best ways to protect yourself from Credit Fraud and Identity Theft is through services like LifeLock.

You should check your credit report at a minimum once a year to ensure there are no errors, you are not a victim of credit fraud. There are three Consumer reporting agencies that report your information, they are:

Equifax
800 685-1111
Get Your Equifax Credit Report Now!
P.O. Box 740241
Atlanta, Ga.
30374-0241

Experion
888 322 5583
http://www.experian.com
P.O. Box 2002
Allen, Texas 75013

Transunion
800 888-4213
http://www.transunion.com
P.O. Box 1000
Chester, Pa. 19022