Consequences of Identity Theft

The consequences of Identity theft are very serious. We don't want to scare you, but it's one of the things in life you never want to experience.

You would think that there is a national reporting network to handle the administration of identity theft matters. But there isn't. The Federal Trade Commission (FTC) will take your complaint and provide you with an affidavit to complete, but they will not file a national report that is broadcast to the law enforcement authorities nationwide. As a result, one of the consequences of identity theft is your identity could be used in any of the 50 states. However, it's unrealistic for you to file a police report in each state. So, whatever you do try and avoid identity theft at all cost.

Monitor Credit Reports

The best way to deal with the consequences of identity theft is to be proactive to prevent it from occurring in the first place. The next best thing you can do is to monitor your credit reports regularly and look for anything unusual. I recommend that my clients sign up with a credit monitoring service and review their credit reports monthly. Your peace of mind is well worth the modest monthly fees.

In the event you are the victim of identity theft, the credit monitoring service will notify you and you can immediately take action to limit any negative affects. Also, it's a good idea to purchase identify theft protection to provide insurance coverage in the event of identity theft. It's cheap and the company you sign up with will pay you in the event you are the victim of identity theft.

Individuals that are likely to steal your credit.

It may surprise you to know that in the majority of cases your identity is stolen by someone you actually know:

Friend, Neighbor, Employee in your home 26%
Family Member,Relative 22%
Service Employer, Waiter, Cashier 20%
Online Thief 7%
Employee at Financial Institution 6%
Someone at Work 4%
Others 15%

By knowing who the usual suspects are, you can better protect yourself from identity theft.

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