Assess Your Information

You now need to assess your information identified in the know your information section and analyze how you protect that information. This is the second step of the identity protection KAOS™ principles.

After you take an inventory of all your identity components and related information, you need to assess your information and protection actions, and think about the risks to any of your inventory items as a result of how you manage that information. To get started, review and analyze the inventory list and your actions with regards to your personal information in the list. Ask yourself:

a) do I need all these credit cards – think about whether you need all that is listed. Eliminate any you might not need and reduce your risk. Close the accounts properly by calling or writing to the credit card company, shred your cards, return the cards to the company if required, and mark closed with the date in your inventory list. See the complete list of credit card fraud prevention tips.

b) do I need to apply for another loan – always ask yourself whether you need to add one more item to your personal information list. Less loans you apply for, less you share your personal information with others, lower your identity theft risks. Accept and accumulate less personal information.

c) which ones would I discard if I had to eliminate one or more – eliminate the ones that provide the least benefit but provide greater or equal risks.

d) do I have all the related information such as the company name, phone number, frequency of statements, password or the credit card number – always include all related information in case you lose that piece of information. For example, writing and knowing your credit card number, the company phone number, or your passport number is very useful in case you lost any of them and needed to replace them immediately. Or, knowing the frequency of a certain statement will trigger an alert if you don’t get the statement on time in which case you would have to follow up with the institution right away to make sure it was an honest mistake.

e) where is each individual piece of information kept – ask yourself, where is my passport right now, or where is my xyz credit card? Is it in my wallet or in my briefcase? Knowing where it is will help you analyze whether it is where it needs to be. More on this later.

f) have I shared any of these information with anyone – just think about how you use or share any of the information; when, with whom, or how often. If you have sent any of the original pieces to anyone, make sure you follow-up and get it back. Sometimes, when you apply for a mortgage, a lot of information is required from you, or a child’s original birth certificate is required for certain things. Just make sure you get them back. Share with care and less often.

So, assess your information with regards to your identity and actions very carefully. This is a very important process that will change the way you think about and approach identity protection and identity theft prevention. This is not a one time process but a continuous one that requires your conscious involvement and awareness about identity theft as you manage your personal information on a daily basis. Assess your information and actions very carefully keeping in mind risks and threats.

After you assess your information, learn about the 3rd step in the KAOS™ principles, "organize your information".