It is important to know how to protect your identity. It is also important to know what Identity thieves will do once they have your information. Knowing this can help you to watch for signs that your identity has been compromised.
One thing that the thief might do if they get your credit card is to call the company that has issued you the credit card and change the address. Why would they do that? If they change the address you will not get the bill, if you do not get the bill you will not notice the charges they are racking up on the account. This is why you need to know when to expect your bills to come that way you can notice if they are late and can call and alert the credit card company.
If a thief gets ahold of your information they can go to any bank that they choose and open an account in your name. After they do that they tend to go shopping writing bad checks. The bad checks will show up on your credit report and will hurt you if you try to get a loan or new credit card. This is a good example of why you should be checking your credit report on a regular basis.
With your information the thief can make a fake identification card with your information. With the fake ID they can do a lot of things. If they were to get pulled over for any reason they can give the officer the fake ID and your information. So when a ticket is issued it will be in your name, so when it is not paid, or if the other person was to show up for a court date and does not, it will come down on you. This means that if a warrant gets issued it will be in your name, and this can cause all sorts of legal problems for you.
An identity thief can also open up new credit cards in your name, with companies that you do not already have a card with. If they use a credit card company that you do not already use then you will not notice when the bill does not show up. Again this will cause financial problems for you. This is yet another reason why you need to be checking your credit report on a regular basis. The three major credit reporting companies will give you a copy of your credit report for free once a year. Unfortunately once a year is not often enough to watch for problems with your credit. You will have to pay for your credit report at some point, but it is something that you just need to do.
Knowing what identity thieves will do with your information can help you to catch them in the act. Protecting your identity is something you must do to protect your future. Not just your future life but also your financial future. If you are careful enough with your information and stay on top of checking to see if your information has been compromised will help you live a better financial life.