Credit, second only to your family and your time, is the most important asset you possess. The difference between having credit or not can be the difference between freedom and oppression, between opportunity taken and opportunity denied.

It is important that you act quickly if you suspect you are a victim of identity fraud. In addition to reporting your identity theft to the following agencies, you may want to start a log of your efforts to protect yourself. This information could prove invaluable later in proving you are not responsible for false debts or even crimes associated with the identity theft. Suggested items to record: Record all conversations with your creditors, the authorities, etc. Send correspondence by certified mail or registered mail. Keep copies of all letters and documents. In cases where you may actually collect damages in a lawsuit, you might also want to jot down the lengths of time you spent and any money you spent clearing your identity.

I can't say for sure whether my wallet was lost or stolen. All I do know for certain is that whoever "found it" helped themselves to the contents. This tale begins with an early morning call from my credit card company. It continues through a week of my life, calling and visiting everyone remotely related to the contents of my wallet.

Isn't it annoying to get all that junk mail from companies trying to get you to apply for their credit cards? This is a typical letter from our readers: I keep getting pre-approved credit card offers in the mail (several a week), and this makes me very uncomfortable. Many of them are from out of state banks or companies I have never heard of. I have been told there is a way to keep these companies from sending me these offers or inquiring about my credit, but no one has been able to tell me how I should go about this. Is there an address or phone number I can contact to take care of this? Not only does it kill baby trees, fill up your trash bin and tempt you unnecessarily, you run the real risk of having someone steal your discarded mail and apply for the card for you, essentially hijacking your identity. This is not a pleasant experience. Check out this letter as an example.

From January 1, 2002 - December 31, 2002, the FTC identity theft hotline reported 161,000 cases. In 2002, experts estimate that there was between 1.2 million victims nationally.

Think this can't happen to you? Unfortunately, the following scenarios are common. We receive at least one letter a month along these lines. We are writing this to point out that you never know who identity thief will be. All the more reason to take preventative steps to protect your credit.

I recently had a reader send me the following letter: Your site discussed identity theft, what about identity borrowing? For example, I thought it was permissible to give my son permission to use my SS# on his application to strengthen his credit.(not as cosigner, but in lieu of his ). However, he was sued and received a judgment against him, but it doesn't appear on my credit report. Will they see their error and go after me? Has he committed fraud in this case, even with my permission (of course I wouldn't turn him in). Dontcha just want to yell "Duh!" at this guy? (Well, I did.) Even if his son "borrowed" his dad's number, didn't he sign the application that said "all information is true to the best of my knowledge and I understand I may face prosecution for false statements." For shame on the parent for getting his/her son in such trouble. Not only wasn't the parent prosecuted, but no credit report damage was done!

Make sure you are buying from a vendor that uses secure information transmission methods. In plain English, you need to make sure that the page on which you are giving your information is secure. You can tell if it is secure by noting a picture of a yellow padlock in the bottom margin of your browser (below the web page area).

Identity Theft Resource Center® (ITRC) is a nonprofit, nationally respected organization dedicated exclusively to the understanding and prevention of identity theft. The ITRC provides consumer and victim support as well as public education. The ITRC also advises governmental agencies, legislators, law enforcement, and businesses about the evolving and growing problem of identity theft.

A simple search for one's own name on any of the popular internet search engines can provide a surprising amount of sensitive personal information. A knowledgeable searcher can turn up property records, court filings, unlisted and cellphone numbers, and even credit card and bank information. Minimizing the information available via your "online identity" is an important measure in reducing the risk of identity theft. So how can a consumer protect their online identity? The following is a list of popular "people-finder" websites and methods you can use to "Opt Out" your personal information