By Luanne Kelchner, eHow Contributor * * * * Print this article
Victims of identity theft suffer more problems than a loss of money.
Identity theft is a widespread problem that involves the theft of someone 's financial information and identification. The thieves then steal from existing accounts in the victim 's name, open new accounts or both. The problems associated with identity theft go further than the financial loss that the victim suffers. Millions of consumers are victims of identity theft, according to the Federal Trade Commission. Have a question? Get an answer from a Nerd now!
Other People Are Reading * Laws for Identity Theft * What Are the Consequences for Identity Theft? 1. Financial Loss * The most obvious problem with identity theft is the financial loss suffered by credit card companies, banks, stores and the individual whose identity was stolen. Individuals whose credit card or bank account information is stolen may not be held responsible for the accumulated debt, but a loss is suffered by the bank or other institution.
Time Resolving Issues * Individuals who discover that they have been the victims of identity theft can spend hours unraveling the tangled mess in their financial lives. Some spend as much as 130 hours resolving the financial problems, according to the Federal Trade Commission. Victims must fill out fraud affidavits, contact creditors and banks, cancel existing accounts and report identity theft to law enforcement. * Sponsored Links * Small Debt Experts
Specialising in debts under $3000 No Collection - No Fee www.legalandcommercial.com.au Debt Collectors * Victims of identity theft may receive calls and letters from debt collectors for debts that they did not incur. Debt collectors may be insistent in their attempts, but the victim of identity theft is not required to pay on accounts that thieves fraudulently
Links: * Montana Forms Committee to Address Identity Theft. The Montana State Legislature 's Economic Affairs Interim Committee has been tasked to investigate identity theft issues. (Nov. 30, 2005). * Federal Trade Commission Report on Identity Theft (PDF), 2003.