Surviving Identity Theft

Identity theft is still somewhat like the days of the wild west. No one really knows how to protect themselves. Consider this: in most instances you are allowed to get a free copy of your credit report so that you can review it for things you don’t recognize. However, to qualify for the free credit report you must PROVE YOU ARE A VICITM OF IDENTITY THEFT. How about that? To determine if someone stole your identity you must first show that they did!

Here is some important information about identity theft that you should know:

• The average time you will spend trying to resolve the effects of identity theft is more than 600 hours according to the Identity Theft Resource Center.

• Because our lives have become so tied to our identity, it now takes longer than ever before to correct problems that result from identity theft. Many victims find themselves trying to clear their name for years after an identity thief has stolen their identity.

Sure, there are steps you can—and should—take if you have reason to suspect your identity has been stolen. But they’re very time-consuming and costly. You’ll need to contact:

• Your state’s Department of Public Safety or DMV concerning your driver’s license number.

• The Social Security Administration about your SSN.

• Your employer

• Your insurance companies

• All your credit card companies

• Your bank(s)

• The credit bureaus

• The Police Department

• The FBI

• Your Lawyer

Note also, you’re only entitled to one free credit report a year. If you have already received one, you may have to pay for it this time unless you want to try to prove that your identity has been stolen without the use of the credit report.

That will bring you to another huge challenge: ever try to read a credit report? They’re not easy to decipher. There are many complex codes listed on them. Good luck trying to figure out what they all mean. Often you won’t recognize a name on it and there won’t be a number for you to call. Then what?

More than 85% of identity theft victims will suffer long-term consequences according to the Federal Trade Commission and Identity Theft Resource Center. You could find yourself struggling five years or more to clear your name. In the meantime, creditors or even lawyers will be hounding you, day in and day out, to make restitution for the money a thief stole from you.

More than 4.6 % of the population will be victims of identity theft this year alone. You may already be part of this statistic. Are you certain your identity is safe?

Another important factor in the time and financial burden of being an identity theft victim is the legal costs that are involved. Restoring your identity can take significant amount of time consulting with an attorney. Often this time is billed at $200 or more per hour. Remember how we have said that it can take up to 600 hours to clean up your identity? While most of that time will be your time (you may incorrectly consider free), much will be paid attorney time. This is why we are such fans of legal protection plans as part of our readers’ protection strategies.

How would you respond if you found out you were suddenly $100,000 in debt because a thief acquired a credit account in your name? And what if an attorney called saying you actually had to REPAY that debt?

If you are a victim of identity theft one thing is certain - you will lose a substantial amount of time, money, respect and energy trying to clear your name. Do you want to be one of the millions of people that find their lives ruined because some random person steals your identity? You must do everything you can to prepare for this.

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