Effects Of Identity Theft Articles Can Help Protect Our Good Name
Through awareness of the information in these effects of identity theft articles, we can avoid situations that could lead to theft of our personal information.
In this second article we'll be looking at and discussing ...
- Internet Identity Theft
- How We Discover Identity Theft
- How ID Theft Can Affect Us
1. Effects Of Identity Theft Articles... Internet Identity Theft
Research reported in identity theft articles lists Internet ID theft as being the least common way that personal information is gathered. However, it is perhaps the type of identity theft that we have to worry about the most
Why? Simply put, people are not as savvy about the risk of ID theft when it comes to surfing the Internet. Unknowingly, they may be passing on their information to Internet schemers.
In fact, identity theft studies points to online theft as being the number one rising risk of ID theft around the world.
Because of it's importance to anyone going online, there is a separate article on Internet identity theft, which can be accessed by clicking on Internet ID Theft Statistics Show How Online Identity Theft Works.
2. Effects Of Identity Theft Articles... How We Discover ID Theft
With all of the effects of identity theft articles out there, we would think that most consumers would guard privacy, take an active part in protecting their information and watch closely for the first signs of ID theft... but the opposite is often the case.
The Identity Theft Resource Center (ITRC) study in the U.S. showed, amazingly, that approximately 85% of victims found out about the crime due to an adverse situation -- denied credit or employment, notification by police or collection agencies, receipt of credit cards or bills for products never ordered, etc.
Only 15% found out through a positive action taken by a business group that verified a submitted application or a reported change of address.
What makes these numbers so surprising is the number of effects of identity theft articles that point to diligence as being the number one deterrent of ID fraud.
3. Effects Of Identity Theft Articles... How ID Theft Can Affect Us
The effects of being impersonated by someone else who then commits identity fraud can wreck our credit file and have a significant impact on our lives...
- Employment – Potential employers often run a credit check as part of their employee engagement policy
- Housing – It may be hard to secure a tenancy in rented accommodation with a low credit score
- Credit – We may be refused credit cards or loans if someone is running up bad credit in our name
- Mortgage – Mortgage lenders may not offer us a mortgage if we have a poor credit rating
While the numbers vary from case to case, the losses associated with identity theft can be staggering. Many people's good name can be ruined by thousands-of-dollars in fraudulent charges in just a short period of time.
While most companies will work with us if our identity has been stolen, identity theft protection information shows that a stolen identity case can haunt us for up to 10 years and can cost us thousands-of-dollars in out of pocket expenses, higher interest rates and insurance charges.
Identity Theft Resource Center Study
The most recent ITRC
study, "Identity Theft: The Aftermath", reveals the following...
- Victims now spend an average of 330 hours recovering from this crime, often over a period of years.
- Victims are finding out about the crime less quickly than in the 2003 survey, varying from less than 3 months to up to 4 years.
- Even after the thief stops using the information, victims struggle with the impact of identity theft.
Victims reported a number of problems including difficulties in obtaining credit, clearing accounts, obtaining or holding a job, and adverse effects on insurance or credit rates, etc.
- Business losses were an average of $49,254 per victim
- The emotional impact on victims is likened to that felt by victims of more violent crime. A good proportion of victims reported stressed family life. Others reported a relationship split as a result of the victimization.
- Victims report a lack of responsiveness from those groups to whom they turned for help such as collection agencies, credit issuers, utility companies and financial institutions. There was an improved response from police departments.
The bottom line? By reading these effects of identity theft articles, we can raise our awareness and guard privacy more tightly. By putting into practice the recommendations in the articles below, we can help ensure that we don't become one of the growing number of ID theft victims.
4. Effects Of Identity Theft Articles... Supporting Articles