 Many identity theft victims are surprised to learn that the burden is often on them to prove they’re the victim, not the criminal.
The Hidden Cost of Identity Theft
According to the Federal Trade Commission (FTC),
identity theft cost consumers and businesses $52.6 billion
in 2004 alone.2
But for most victims, the financial damage is minimal compared
to the emotional stress they face as they work
through an often confusing process to restore their name
and credit.
A Shocking Discovery
Unlike a burglary in your home, identity theft is a crime
that’s not easy to detect right away.
Many victims don’t discover the theft for an average of just
over three months, giving the thief ample time to go on
spending sprees, make a mess of your credit, or even
commit crimes in your name.3
Suddenly realizing the theft has been going on for months
without their knowledge is devastating to many victims.
It’s not uncommon for victims to feel panic, embarrassment,
rage, helplessness and fear when they discover an
unknown thief has been maxing out credit cards, bouncing
checks, or even committing crimes in their name.
A Long Road to Resolution
The longer the theft goes undetected, the bigger hassles
you face as you work to restore your name and credit.
According to a recent CNN/Money report, victims can
spend anywhere from 30 to 600 hours working to restore
their name and credit after an identity theft occurs.1
When your identity is stolen, you often have to deal with
several different agencies, businesses and bureaucracies.
You’ll find yourself writing multiple letters, deciphering
applicable laws in your state, making and documenting
phone calls, leaving and returning messages, sending
Certified Mail, making copies and sending faxes—
essentially working countless hours to right a wrong you
never committed in the first place.
Compounding the problem, many victims are surprised to learn that the burden is often on them to prove they’re the victim, not the criminal. Identity theft recovery guidelines are available, particularly from the FTC, to assist victims.4
But without the help of an expert investigator, most victims do all the legwork and paperwork themselves, an often frustrating ordeal that depletes time and energy.
An Identity Theft Investigator Working For You
Identity-theft programs typically provide two basic services: check and alert. An individual’s credit file will be electronically monitored, and the individual will be notified of activity that is commonly associated with identity theft.
Most programs, however, end their coverage here. Some programs may attempt to provide assistance by giving victims a list of instruction to follow. But when it comes to resolving the problem, you are still mostly on your own.
True fraud restoration is a valuable, but often absent, component of a successful identity-theft protection program. Programs that have the ability to truly defend individuals from identity theft time-drain, should include a full-service restoration component, in addition to monitoring and notification features.
Lastly, be sure that the fraud restoration services are performed by an expert investigator with the proper credentials (e.g. a licensed investigator), a proven track record of success, and history of experience of at least five years.
Learn more about the identity theft safeguards offered by National ID Defense. Visit us at http://www.nid-defense.com/unions.org or email us at IDTheftSmart@nid-defense.com |
