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Weekly financial tips from Ryki Carlson, financial readiness specialist for the US Military.

Identity theft occurs when someone else uses your personally identifying information, such as your name, Social Security number, or credit card, without your permission for fraud or a crime.

Here are some steps to help protect your identity:
Shred your mail and unneeded personal documents (such as bank information, budgets, canceled or blank checks, credit card offers, employee information, financial statements, income tax records, medical bills and even personal bills). There are two types a strip-cut shredder and a crosscut shredder. When you select a shredder for your needs, consider the speed at which it operates, the security level provided by the size of the shred, whether the size of opening will accommodate the paper you have and how many sheets of paper it will handle in one pass. Create safe passwords. Passwords should be at least seven characters, with numbers, symbols, upper and lower case letters. Do NOT use your birthday, anniversary date, a spouse or significant other’s name or birth date.
Check your credit report. Consumers are entitled to one free credit report a year from each of the three credit bureaus.
Protect your child’s information. Researcher found that 55% of identity thefts perpetrated against children were committed by someone the victim knew. Treat your child’s identity just like your own; including monitoring their mail, limiting the amount of personal information available on the internet, reviewing their credit reports and contacting the Social Security Administration on your child’s behalf. The social security administration can be reached at 800-772-1213 and will be able to provide you with any records attached to your child’s social security number. Your minor child should not have any work history.
Limit the amount of personal information available on the Net. Be cautious about putting too much information on such sites as Facebook or MySpace. Do NOT put your full date of birth, phone number or physical address.
Expand your knowledge. Check out for practical tips from the Federal Government and the technology to help prevent Internet fraud, secure your computer, and protect your information.