Tips to Keep College Students Credit Safe

Many young adults begin making their own financial decisions for the first time after they begin college. Students often open their first bank account or apply for their first credit card as college freshmen.

However, new responsibilities come with a price. Identity thieves may view a student's personal and financial information as a prime target for their next crime.

According to a U.S. Department of Justice study, people who are between the ages of 18 and 24, or who live in urban or suburban areas, or who have incomes of at least $75,000 are the most frequent victims of identity theft.

The most common types of identity theft are unauthorized use of a credit card, unauthorized use of an existing account or misuse of someone's personal information to open a new account.

College life presents its own unique identity theft dangers. For example, many students use the same computer in computer labs. If students do not follow the proper steps, the next person to sit in the computer chair could snatch their information, said Terry Robb, information and access-technology services spokesman at the University of Missouri at Columbia. In addition, students residing in dorms are living in close proximity to people they may have never met before.

Students can follow easy tips and guidelines to keep their information safe and private.

Don't be a slob: It turns out mother was right all along -- leaving things lying around can result in an empty bank account.

For example, a typical wallet contains an abundance of personal information, including a driver's license, credit cards and other valuable account numbers.

He suggests that students keep all documents carefully filed.

Keep bank statements and credit card statements in a secure area that are accessible only to you. Other mail that doesn't need to be kept should be shredded.

Always log off public computers: Students can use a public computer worry-free as long as they follow the necessary procedures when logging off. For example, students at most colleges are given passwords, and it is hard for potential identity thieves to figure out those secret words.

As long as students remember to log out of their accounts when they are finished using the computer, the chance for others finding information on them is slim. Problems typically occur when a student has forgotten to log off.

Be wary when giving out information: Solicitors selling magazines or touting credit card offers might approach students at the beginning of the school year. Students should not give out personal information to these solicitors. Instead, they should write down a phone number and call later. They also should ask solicitors if they have a license to be selling in that area.

In addition, some students receive phone calls and e-mails purportedly from their financial institution. The person may claim the institution lost the student's personal information. Students should never give out information to such callers or in e-mail. They should tell the person they will call right back, and then call the institution directly and ask about the problem.

Keep track of your finances: As students begin to build a financial history, they should periodically ask for their free credit report. The three principal credit-reporting companies are Equifax, Experian and Trans Union, according to the U.S. Department of Justice website. They can be contacted directly for a credit report.

Students should keep all receipts and carefully monitor all bank statements and credit card statements every month.