Identity theft is a growing crime and it can happen to you. The Ontario Provincial Police report that about 5,500 Canadians have had their identity stolen in 2005 alone.
All the thieves need is your name, address, birth date and SIN to apply for credit cards or loans in your name, put a mortgage on your house or get any other documents with your name. When this happens, your credit can be destroyed and it will take YEARS to repair it even though you did nothing wrong.
As always prevention is better than the cure.
If your house is burgalarized or your wallet or purse is lost or stolen the vital ID documents could easily find their way into the hands of identity thieves.
Report the theft to both credit bureaus at once. ( Contact information is listed below) They will put a warning watch on your file and any new credit enquiries or applications will be confirmed directly with you. It is not foolproof but it helps.
Mail theft is a common way for thieves to get vital information. They are bold enough to rummage through accessable mail boxes looking for utility bills, credit card or bank statements or any other mail which contains account numbers and similar information.
If you have a mail box hanging on the outside of your residence, replace it with a mail slot. If you live in a condo or apartment, where the mail is delivered to common boxes make certain that you retrieve your mail promptly and do not ever throw unwanted mail in the trash containers in public areas.
In addition to alerting the credit bureaus, it is also equally vital that you notify the police, the financial institutions you deal with, and all creditors. It is advisable to obtain a copy of your police report as this will help you to demonstrate that you are or may be a victim of fraud. You should also cancel all existing credit cards, accounts, passwords and PINs, and replace them with new ones.
A poor credit rating caused by someone impersonating you -- using your
identification and running up bills -- can mean total ruin and may take
months or even years to correct. If you should become a victim, it is
vital that you quickly advise the credit bureaus because your credit
worthiness may be in peril. Timing is critical -- thieves often act
quickly and repeatedly.
Leave your SIN card at home. You do not need it on a day to day basis and since you probably know your number you would never encounter a situation where you would require it on the spot.
BUY AND USE A SHREDDER. Thieve retrieve your garbage and rummage through it for bills, statements and other useful information. Shredders are very inexpensive, (many are available around $50.) and easy and fun to use. Shred all the paper you throw out, not just your important documents. The mixes up the bits of shredded important documents with tons of useless shredded junk mail, old papers, and other garbage. That makes it more trouble than it is worth for identity thieves. One other neat idea is to soak your shredded documents in lots of water before you put out the trash. That disolves the paper bits and makes them impossible to put back together.
About credit bureaus
Equifax Score Power available from Equifax Canada
When you apply for credit, retailers and lending agencies verify the
information from your credit application through a credit reporting agency
-- often called "a credit bureau." Credit bureaus are private
institutions that serve retailers and other credit grantors by providing
them with information about your credit record. The credit grantors then
use this information to verify and assess your credit worthiness.
In Ontario, there are two credit bureaus. These are Equifax Canada and
TransUnion of Canada. Both are governed by the Ontario 
Consumer
Reporting Act Both also have fraud victim assistance specialists who advise on the steps that need to be taken with respect to one's credit
file. Although not foolproof, these steps will help to decrease any further impact on one's life as a result of fraudulent actions taken by
imposters.
Note that as a precautionary measure, even if you have not been a victim of identity theft, it is alway a good practice to annually request copies
of your credit reports from both Equifax and TransUnion, to check for possible errors or inaccuracies -- you have this right under the Consumer
Reporting Act . You are entitled to a free copy of your current credit report upon request and it must be supplied to you within a reasonable time period.... customarily 30 days
