Minimize your Risk for Identity Theft

Identity theft is the fastest growing crime in America. According to the Federal Trade Commission, the number of identity theft incidents reached 9.9 million in 2003. These crimes are estimated to have taken the average victim $500 and 30 hours to resolve.

From stolen credit cards to total identity kidnapping, these ugly and prevalent crimes are hard to prevent and often difficult to correct. Although it is hard to truly avoid becoming a victim of identity theft, there are a few ways you can guard against this damaging crime.

1. Types of identity theft

Identity theft crimes range from purse snatchings to kingpin-style fraud rings. The definition of identity theft is a crime in which an imposter obtains key pieces of personal information, such as a Social Security number, in order to impersonate someone else. Identity theft can occur when someone takes your mail, steals your wallet or swipes your records from an institution. Most cases can be resolved fairly easily if they are caught early. Creditors and banks usually hold you responsible for only the first $50 of fraudulent charges. The most serious cases of fraud can take several years and many resources to resolve.

2. Preventative measures

In this world of smiling strangers, it can be tough to keep your identity safe. The best security policy is to be aware of fraud and cautious about where you share personal information. Check your account statements carefully each month and keep an eye out for suspicious activity on your credit report. A paper shredder can also be a powerful tool for making sure personal information and pre-approved credit offers don't end up in the wrong hands.

3. If your identity is stolen

If you suspect that your identity has been stolen, the first step is to get all the facts about the damage. Become your own detective-search your credit report and bank accounts for clues. Ask your creditors to immediately cancel any fraudulent charges and consider putting a security alert on your credit report. If the theft is serious, file a police report. If fraudulent records start to show up on your credit report, send letters of dispute to the reporting agencies with copies of documentation supporting your claim. Signing up with a credit monitoring service will inform you of changes to your credit. It may take a while to fully recover the security of your accounts, but it's crucial that you don't let the fraud escalate.

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Protecting unmarried couples relationships.

A power of attorney is a legal document that allows you to dictate who you would like to make decisions on your behalf. While there are many useful purposes for a power of attorney, they are especially important to unmarried couples, which live together, when a partner becomes incapacitated and unable to make decisions.

In such situations, the law usually designates the incapacitated person's next of kin as the decision maker. With a power of attorney, unmarried couples can give their partners the power to make such decisions.

Powers of attorney can be as general or specific as you decide. You can give your partner the power to make decisions on your behalf at any time or only when you become incapacitated. You can also dictate what types of decisions you are authorizing your agent to make. A health care power of attorney (also referred to as a durable power of attorney for health care, medical power of attorney, health care proxy and appointment of health care agent of surrogate) would authorize your partner (or other agent) to make decisions about your medical treatment and dictate who you would like to be able to visit you while receiving medical treatment.

By executing a power of attorney for finances (also referred to as a durable power of attorney for finances) you could dictate whom you want to make decisions about your legal and financial matters. You can be very specific about what actions you are authorizing your partner (or other agent) to make, including which accounts he or she has access to and the types of decisions he or she can make.

Note that Legal Helpmate provides an easy-to-use, quick, and economical online method for creating completed power of attorney for any occasions.