Why Do Identity Theft Thieves Want Your Information?

What Exactly Do Identity Theft Thieves Want To Do With Your Information?

Hopefully we all know how important it is to keep our personal information safe. With identity theft on the rise, identity theft safety is more important today than it ever was. But what exactly does an identity theft thief want with your personal information and what do they intend to use it for? Here are a few likely identity theft scenarios.

Credit Card Fraud

The most common form of identity theft is for a criminal to obtain your personal information and use that information to open up as new credit card or loan in your name. They then use the credit card or the funds from the loan and then don’t pay the bills. The negative credit is then reflected on your credit report and the creditors go after you for the money.

There’s another form of credit card fraud that’s not as well known, but is also a common occurrence. It is not uncommon for an identity theft thief to get your personal information and then use that personal information to contact your credit card issuer. They call your credit card issuer pretending to be you and then they ask them to change the mailing address on your account. The identity theft thief then starts charging on your credit card account and it can take you months to realize that you haven’t gotten a bill and that the thief is running up a big balance.

Bank Account Fraud

In addition to opening credit card accounts in a victim’s name, identity theft criminals will also open up checking accounts using someone else’s name and social security number. They then write bad checks and when it comes time for the collectors to go after the debtor, they end up going after the victim rather than the criminal.

Car Purchases

It’s also not uncommon for an identity theft criminal to purchase a car and take a car loan out under someone else’s name. If they need transportation and they can’t qualify for an auto loan themselves, they might use someone else’s name and credit to get the automobile they need.

Utilities

Many identity theft criminals have ruined their own credit. When it comes time for them to hook up utilities, it can’t be done in their name so they steal someone else’s personal information and hook up the utilities under the victim’s name.

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