Victims of this silent crime have suffered numerous consequences. Identity thieves have been known to accomplish a number of successful transactions per victim: Open multiple charge accounts, obtain housing and utility services, obtain fradulent identification, open cell phone accounts, purchase vehicles, write bad checks, obtain employment and file tax returns.
By far, the most prevalent type of nonmonetary harm cited by consumers, mentioned in over 7,000 complaints filed with the Federal Trade Commission, was "denied credit or other financial services." The second leading type of nonmonetary harm was "time lost to resolve problems." In the year 2000, victims spent an average of 600 hours recovering from crime, often over a period of years, up from 175 hours in a study three years previously. While victims are finding out about the crime more quickly, it is taking longer to clear their records. For some it has taken as long as four years to clean up the mess.
Even after the thief stops using the information, victims struggle with the impact of identity theft, including increased insurance or credit card fees, inability to find jobs, higher interest rates and battling collection agencies and issurers who refuse to clear records despite substantiating evidence of the crime. The tale may continue for more than ten years after the crime was first discovered. Victims spend an average of $1,400.00 in out-of-pocket expenses, an increase of 85% from years past.
Approximately 85% of victims found out about the crime due to an adverse situation - denied credit or employment, notification by police or collection agencies. Only 15% found out through a postive action taken by a business group that took the time to verify a submitted application or a reported change of address. Therefore, prevention of this crime has become the responsibility every consumer.
The doctor recommends checking your credit report on a regular basis for discrepancies.
If you've recently been denied credit: You have a legal right to obtain your credit report at no charge from the agency involved.
If you have not recently been denied credit: You can still get one free report every 12 months from each of the three major credit bureaus. (Equifax, Experian and TransUnion)
Beware of so-called "free" credit report websites that require a monthly fee. Even the credit bureaus themselves promote fee-based services on their sites.