Identity Theft: Criminals and Your Identity: How Can You Beat Them?
These tiny and sophisticated criminals from all over the world are trying to steal your identity. The question is: How can you avoid this disaster and the potential total destruction of your credit?
How many of you have already been victims of mishandling or loss of your personal data? Think more. How many of you know a friend or family member who has been a victim of identity theft? When these questions are asked in a seminar, almost all hands are in the air at the end of the second question.
When you consider an identity theft experience, both personally and among family or friends, it’s all too obvious that the standard, “Oh, it won’t happen to me,” is a dangerous belief. So how do thieves obtain your identity and work to destroy your hard-earned credit reputation?
First, take a look at some compelling statistics:
Identity theft is considered by the Federal Trade Commission (FTC) to be the fastest growing crime in the United States today. Consider the following and remember that real people make up these facts:
1. The FTC states that 1 in 4 American households has been a victim of identity theft.
2. During the last 5 years, 28 mm Americans have been victims.
3. Last year alone there were more than 10 million victims.
4. The average victim spends 175 hours resolving credit problems.
5. The average victim will spend $1,700.00 in out-of-pocket expenses.
7. The majority (89%) of victims “didn’t know” that their identity had been stolen.
8. The typical victim will need 2-5 years to fix the resulting credit-related problems. Imagine trying to apply for a home loan, college loan, or car loan during this time period.
Identity theft monitoring consists of the following:
1. Trained fraud resolution counselors who help employees with immediate steps to take to prevent future fraud by placing “fraud alerts” on credit reports, reviewing credit reports with the victim, and placing “freezes” credit” on accounts (allowed in some states), helping to dispute fraudulent debts on accounts and credit reports, and assisting in correspondence with creditors and state and federal authorities.
2. Credit monitoring services to detect “smoke before the fire” of identity theft burns the “house of credit” to the ground. The best defense to protect good credit is to quickly discover any unauthorized credit activity. It should include: Ongoing monitoring of credit files, suspicious activity alerts, notification of new accounts opened and any change of address.
3. Reimbursement of Identity Theft Fraud Expenses: Coverage must cover expenses related to fraud, such as: Lost wages, notary and certified mail costs for letters and affidavits of fraud, long distance charges, reasonable fees attorney fees (especially if you are arrested), defense costs, and replenishment fees for loans.
4. Legal Consultations – Must include no-cost initial consultations and fee reductions (fixed or hourly) in matters of civil litigation, cost recovery, wrongful debt claim defense fees, failure of a reporting agency to remove credit information refusal/incorrect and wrongful arrest and arrest. criminal charges.
5. Financial Counseling: Experienced financial counselors who are both Certified Credit Counselors and certified under the Fair Credit Reporting Act. These counselors help people restore their credit file to its pre-theft state by providing credit counseling, credit report analysis, and tax planning, all of which are often seriously affected when identity theft occurs.