Aftershocks Of Identity Theft - Part 2
The stress, emotional trauma, and damaged reputation that many people experience following an episode of identity or credit theft can't be measured. Consumers can protect their credit rating from damages caused by identity theft and fraud by taking the time to routinely verify charges, check online accounts for unusual or unauthorized activity, and notify creditors or banks immediately (often within 24 to 48 hours).
According to the better business bureau, the average cost of identity theft to a consumer averages around $6,000, and while most victims of identity theft are fraud don't end up paying fraudulent credit card charges, some may spend months, if not years, straining the mess out with their lenders, credit card issuers, mortgage corporations, credit bureaus, and even the IRS.
The Better Business Bureau suggests that anyone who has been a target of identity theft notified not only their local bank, but monitor their credit accounts frequently. Notify the three credit bureaus (TransUnion, Experian, and Equifax) of the theft, the date it occurred, and request an identity theft alert to be placed on the reports.
ID Theft - Hidden Toll
In some "worst case" scenarios, an individual may spend years trying to get their life back on track after an episode of identity theft. Dealing with creditors and credit report bureaus and other government agencies takes a huge emotional toll on consumers. Identity theft isn't only about loss of money and a damage to credit rating, but causes many individuals to lose their sense of trust in others.
Nearly $230 billion dollars are lost every year due to identity theft, much of that going to lawyers hired by identity theft victims to help restore their reputations and standing with creditors, lenders and government agencies such as the IRS.
The longer identity theft goes without being discovered, the more time an individual may be required to repair the damage. According to a CNN Money Report, an identity theft of victim can spend anywhere between 30 and 600 hours restoring their credit, and name and reputation following such an incident.
If you have been the victim of identity theft, the Federal Trade Commission suggests taking these four steps as quickly as possible:
- Review your credit reports and place a fraud alert on your credit report
- Close any accounts that you believe had been tampered with or fraudulently opened.
- File complaints with the Federal Trade Commission at 1-877-ID-THEFT (438-4338)
- File a police report
Keep detailed records of everything you do, from the moment you find out you have been the victim of identity theft or credit hijacking. Note the date, time, and person you spoke with to notify them of an account breach. Open credit card accounts that may have been compromised. This should be done immediately, and Bess case scenarios suggest notification within 24 to 48 hours after noticing are becoming aware of the theft.
Maintain an open record of actions and resolutions, follow of snail mail, phone calls and e-mail from lenders and creditors regarding the theft and be prepared to send copies of such correspondent to the credit bureaus in order to salvage and repair your credit scores.
For more free information contact Waterfield Credit today at http://www.57daychallenge.com
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