Commit your SIN number to memory

Identity theft is the fastest growing white collar crime.

Yet, many Canadians still don't understand how it can impact their lives, according to a new survey by Sigma Assistel, a division of Desjardins Financial.

"If you're a victim of identity theft, your credit record can be severely compromised and restoring your identity can be a legal and administrtive nightmare," the survey warned.

Here's what it revealed:

- 37% did not know a fraudster could buy something like a household appliance on credit from a major retailer using the victim's name.

- Just under half didn't know that if their identity is stolen, an institution or retail store could decline their future purchases on credit.

- One quarter were unaware that identity theft could damage their personal credit score for months or even years.

- 57% had no idea that they could have to pay a traffic ticket without ever having committed a violation.

The survey also found that only one in four has requested a report from a credit reporting agency to check the accuracy, just over one out of five keep valid credit cards that are no longer used, and nearly half always carry their social insurance card or number in their wallet.

Experts advise SIN numbers be memorized and cards be kept in a safe place, like a safety deposit box.

As for restoring credit, it can be a stressful task of contacting banks, credit card issuers, government services, credit reporting agencies, the police and others.