The Defensive Side of Identity Theft. Part II
Identity Theft. Are you a victim?
In yesterdays article titled “Identity Theft | Protecting Yourself From Your Evil Twin”, we discussed the most common methods that identity thieves use to steal your identity as well as safeguards you can implement to keep that from happening – some lascivious criminals have even gotten payday loans in their victims names. Today we will touch on what to do if you find that you have become a victim, regardless of the safeguards you have put in place.
Before we begin, it should be noted that timing is everything when it comes to identity theft. The longer it takes before you find out about the crimes committed against you, the more time and resources it will take for you to achieve a full recovery from the damages incurred.
Time is a killer
Statistics show that 38-48% of victims find out about identity theft committed against them within 3 months of it starting while 9-18% of victims take 4 years or longer before discovering that they have become victims of identity theft, after they’ve been sent running for payday loans to cover the sudden cost.
When an identity thief steals your identity they will create and run up accounts that they never intend to pay back. The creditors therefore will deal with you as if you are the fraudulent individual. Debts will be turned into collections and negative marks on your credit report will begin to appear slowly destroying your financial well being.
The sooner a victim discovers this fraudulent activity the easier this information is to remove from your credit report. If the negative information sits on your credit report any significant time undisputed, your rebuttal carries less wait as if you were using the “Identity theft” scenario as way of escaping and erasing a history of bad credit decisions, and getting it done sooner rather than later can save you from getting payday loans just to meet the minimum payment.
Identity theft cost you time and money
Consider the following statistics
* Victims spend from 3 to 5,840 hours repairing damage done by identity theft with the average time spent being 330 hours.
* 26-32% of victims spend a period of 4 to 6 months dealing with their case and 11-23% report dealing with their case for 7 months to a year.
* 40% of business costs for individual cases of identity theft exceed $15,000. The Aberdeen Group has estimated that $221 billion a year is lost by businesses worldwide due to identity theft
* Victims lose an average of $1,820 to $14, 340 in wages dealing with their cases
* Victims spend an average of $851 to $1378 in expenses related to their case – Way more than the average amount of payday loans.
Make it quick!
With time being the best tool for combating these impostors, you will want to immediately contact the fraud department of the three main credit reporting agencies. This agencies and there contact information is posted below.
Request a fraud alert to be placed on your report. This will essentially flag your account so that when any creditor pulls your credit you will be notified before a line of credit is extended. Verify they have the correct contact information. Your cell phone would be the ideal solution so that you are notified immediately upon any attempt by the thief to benefit at your expense.
The names and contact information of the three bureaus are as follows
Equifax: P.O. Box 740250, Atlanta, GA 30374- 0241.
Report fraud: Call (888) 766-0008 and write to address above.
TDD: (800) 255-0056
Web: www.equifax.com
Experian: PO Box 9532
Allen TX, 75013
Report fraud: Call (888) EXPERIAN (888-397-3742) and write to address above.
TDD: Use relay to fraud number above.
Web: www.experian.com/fraud
TransUnion: P.O. Box 6790, Fullerton, CA 92834-6790.
Report fraud: Call (800) 680-7289 and write to address above.
TDD: (877) 553-7803
E-mail (fraud victims only): fvad@transunion.com
Web: www.transunion.com
You can read part III of this series by clicking the link below.
“The FTC, LPD, & You | Pillars of Protection When Identity Theft Strikes“
Very good post. Keep in mind when you post a fraud alert on your credit report many lenders will auto-deny your credit applications. Trying to get credit is much tougher when you have a fraud report on your record. Generally fraud reports stick on your credit report for up to fix years. Make sure you do not pull that trigger to hastily.
Identity theft is a critical issue. Sadly, this problem is very common. Although many people are careful with their personal documents, identity theft can still occur. If you feel you may be a victim to identity theft, notify a credit bureau right away. Constantly monitor your credit reports or freeze your credit report if necessary. Certainly, this ordeal will be a threat to your financial health and your good name in general.