By Stephen Bucaro

You step outside to find your car has been repossessed and a foreclosure notice posted on front door of your house. All because of delinquent loans "you" made. Or police come to make an arrest because "you" used a fake prescription. Can't happen to you?

Think again. All an identity thief needs is a copy of your credit report. This document contains your birth date, Social Security number, place of employment, salary, credit card numbers, and details about all of your financial transactions, savings and investments.

Using your identity, thief can take your assets, leave you in debt, and commit crimes in your name. After damage is done, it may take years, if ever, to clean up your records. Credit companies like to hang on to information like glue, they won't just delete it.

Lenders are not interested in your identity theft claim. They want to protect their own interests first. They would rather clear up identity theft question after they take your assets. And everybody police arrest claim they didn't do it. Someone else who stole their identity committed that crime. They would rather close case quickly than get involved in a complicated identity theft case.

How to Protect Yourself

1. Guard your personal information. Don't provide your Social Security number, or any financial information, to anyone without knowing why they need it.