The True Cost of Identity Theft

The Federal Trade Commission (FTC) reports identity theft strikes almost 10 million Americans each year costing over $5 billion in loss to victims.

Identity theft is a growing concern:

• Identity theft remains one of the fastest growing crimes in the country today. A recent study reported that one in every 23 consumers was a victim of identity theft last year.
  
• Identity thieves have developed a number of ways to obtain your information from the simple theft of a wallet to elaborate Internet based scams.
  
• Generally, once thieves have your Social Security number, they can establish credit in your name and incur hundreds or even thousands of dollars in credit card charges, fraudulent loans and more.
  
• Often you may be unaware of these charges until a merchant or credit card collector seeks payment for a bill that you knew nothing about. Or you may be declined for a loan due to a credit report showing defaults on loans that are unknown to you.
  
• According to the FTC, identity theft victims spend almost 300 million hours resolving their problems.
  
• Victims can spend over 100 hours and a thousand dollars to correct their accounts and identity records.
  
• Many victims also report that they have to take time away from work to deal with these problems.
  
  

Identity Theft Insurance coverage may be available on your homeowners policy. Call us to inquire about this important coverage.