Identity theft is where someone opens an account with your name, your social Security number, etc. This scam costs $1 billion per year. Dont worry lenders cover themselves from type of loss by raising fees and interest rates!
Consider the implications on your credit rating if this happens to you. However if you are the victim of identity theft or a stolen card, you are only responsible for $50. A cousin of mine saved her credit rating by reporting the stolen credit card and paying the $50.
So now consider the investment of a paper shredder and start shredding those credit card and home equity loan applications. Remember that your trash is public property the moment it hits the curb or dumpster.
Shredders are quite inexpensive these days and nothing relieves stress
like shredding a pile of junk mail with your name all over it! I personally
shred anything with just even my maiden name on it.
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