Week in Review: 12/1/2008

Each week we bring you the latest news stories and information about credit, personal finance, and identity theft. Visit us every Friday for new ways to manage your credit and protect yourself from fraud. 

Credit

You didn't care about that old credit card right? In today's economy, credit card companies are closing more and more inactive accounts. Closing your old cards reduces your length of credit history and overall available credit, so make a transaction or two with a card you really don’t want to lose.

Before throwing credit card mail in the trash, make sure it doesn't contain blank checks, a new card, or important notices about your current account. Single Guy Money tells you what to keep and what to toss.

Identity Theft

A couple discovered several boxes packed full of credit cards, drivers licenses, and social security cards. Police are investigating now, but the boxes are clearly evidence of identity thieves at work.

A stolen computer disk and laptop could provide identity thieves with personal information of 200 elementary school students in Jackson, Tennessee and 97,000 Starbucks employees nationwide. Both the Jackson-Madison County school system and Starbucks are offering a year of free credit monitoring services to those affected by the respective breaches.

Identity theft is just too easy for some, even from prison. All it takes is "a phone line and a little criminal know-how" according to Credit Identity Safe. HELOCs or Home Equity Lines of Credit are especially easy targets for identity thieves, because they often sit untouched and unchecked by homeowners. DarkReading reports the arrest of three identity thieves that stole $2.5 million from HELOCs.

Think twice before doing any online banking in a public place using a wired computer keyboard. The keyboard could emanate electromagnetic waves that hackers intercept to retrieve your PIN number or other sensitive information. 

Related Topics and Tips

You already know you have a credit report, but how about a health report? New "health information services" companies provide your prescription drug history to insurance companies to help them decide to grant you health coverage and at what cost. It’s estimated that 200 million Americans have health reports detailing their Rx history.

Tips for saving money are always welcome this time of year. My Two Dollars tells how cutting back a little can save a lot.

You know you’re young at heart, but how old are you when it comes to handling money? Find out if you're a financial toddler or a senior citizen at Almost Frugal.

If you're looking for ways to get off the grid (or at least shrink your junk mail pile) check out the World Privacy Forum's Top Ten Opt Outs.