What Is The True Cost Of Identity Fraud

In identity theft solutions of Advisor (October 17, 2008 12:49 pm)

Identity theft is one of the worst crimes one can be a victim of. Not only do the thieves steal your money, but they steal the one thing that truly makes us who we are…your identity. Just the thought of someone out there using your identity, the identity that you’ve worked hard to build up, for their own gain makes most people sick.

The most obvious costs that come from being an identity theft victims are financial. Almost every case of identity theft results in a financial loss for the victim. The goal of most identity thieves is to use your identity to get credit cards or other loans in your name. Sometimes they will even pretend to be you at the bank in order to clean out your account.

Most people don’t even know they have been a victim of identity theft until they try to apply for a credit card or a loan. In some cases the crime was committed years ago, and the web of destruction is so thick that it seems impossible to repair your credit. In fact, those who are affected by identity theft spend on average 600 hours trying to fix the damage that has been done. You must spend hours upon hours filling out paper work and dealing with other forms of red tape, that fixing the damage can take up more time than your real job.

Most people must deal with high levels of stress on a daily basis, and being a victim of identity theft can take that stress to a whole new level. Many victims of identity theft suffer from severe physical problems from the stress the crime causes. Getting your bank account cleared out is bad enough, but someone also stealing your health is another thing altogether. While the financial cost is certainly very high (victims spend an average of $8,000 to repair their good name) the emotional cost of identity theft could be considered higher.

Many people are now turning to identity insurance companies to ease their mind from this terrible crime. For a small fee these companies will go to war for you against identity thieves.

When you look at the facts it’s clear that everyone should do something to protect themselves from this crime. Someone becomes a victim of identity theft every 4 seconds…don’t let that person be you.

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