Identity Theft They Got Him
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Identity Theft: A Close Call
Summary
Amid alarming statistics on identity theft, it's crucial to remember each number represents a person. Here's one story.Article Body
His hard-earned money vanished. Creditors hounded him daily. Police knocked on his door. His family reached a breaking point. My business partner did nothing wrong, yet his life was turned upside down a few years ago. He became a victim of the fastest-growing crime worldwide: identity theft.
Since 1999, more than 27 million Americans have fallen victim to this epidemic, including 10 million just last year, according to the Federal Trade Commission. Harris Interactive reported that, between 2002 and 2003, approximately 19,178 people per day suffered from this crime.
Identity theft can happen in numerous ways. For my partner, a thief accessed his Social Security number and address and applied for loans in his name. When the bills came due, guess who was held accountable by creditors and law enforcement?
The impact on him and his family was profound. Identity theft can cripple and even destroy a life. The time and expense of recovering one's identity is tremendous. U.S. Treasury Secretary John Snow has called identity theft "the greatest threat to consumers," stressing its insidious harm.
The internet offers nearly limitless access to information, exacerbating the problem, but much identity theft still occurs offline. Regardless of the source, the goal remains the same: steal your personal information and assets.
Victims may even end up filing for bankruptcy or worse. The Orlando Sentinel reported a recent case where a man spent 54 days in jail because of a mistaken identity theft charge.
Even when the thief is caught, victims often face an uphill battle to recover their identity. For my partner, this involved endless struggles with credit bureaus that had once rated him well.
His credit was ruined overnight despite following their advice for restoration. The bureaus refused to clear his record and began sharing his information. His mortgage rates soared, and he paid more for everything while still facing rejection. He lived in constant fear of never regaining his identity.
Six years later, he finally succeeded. With the help of a company, his credit was restored in 90 days. His mortgage rates dropped, and he returned to paying fair prices like the rest of us.
Like my partner, we all risk becoming victims. In San Antonio, Texas, television station KENS 5 interviewed a convicted identity thief who warned, "Don't take for granted what you have because anybody could take it away in a snap."
He would know. The methods of identity theft have escalated this crime from a nuisance to a global crisis.
You can find the original non-AI version of this article here: Identity Theft They Got Him.
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