Tearing Up Credit Card Applications Is NOT Good Enough

No matter how many times we hear it, tearing unsolicited credit card applications is not good enough to protect yourself from scam artists.

A story in the Modesto Bee yesterday suggested that to protect ourselves, we should:

Rip up or, better yet, shred all mail and other documents with personal financial information before throwing them away.

Except you should read this Cockeyed.com experiment before you feel safe in tearing up important documents:

I almost always tear them in half and throw them away. Sometimes, if I am feeling particularly paranoid, I’ll tear them into little bitty pieces. Is that good enough? Could a determined and dexterous criminal gather all the bits, tape them together and apply for a card in my name? Would a credit card company balk when confronted with an obviously resurrected application? A test was in order, and when the latest application arrived from Chase Mastercard, I was equal to the task.

Let me reveal to you the outcome of this experiment. He got the card.  He sent in a credit card application that was torn in tiny pieces, glued back together, on which he changed the address, and subsequently activated the card on his cell phone. He got the card without question.

In the meantime, the Modesto Bee also had some practical suggestions for dealing with your financial identity.

Monitor your bank accounts and credit accounts carefully for any unexplained charges. To cut down on potentially troublesome paper records, consumers also might consider switching to online banking.

People also should check their free annual credit report — dispensed by three companies — to detect any possible problems. The Web site for a report is annualcreditreport.com. You also can call 877-322-8228 to get one by phone.

Maybe the only way to protect our finances is to buy a shredder that also torches the paper and shoots the ashes to the moon.

Read the Modesto Bee article: “Scam Alert: Shred Papers to Protect Finances.”
Read the Cockeyed.com experiment: Torn-Up Credit Card Application.