WHAT IS THE COST OF ID THEFT?
Millions of consumers become identity theft victims every year. Last year alone, 40 million consumers became identity theft victims of the Target data breach. What is the cost of identity theft? Banks incur costs for closing and opening new accounts and issuing new debit or credit cards. According to the Credit Union National Association, the Target and Home Depot data breaches cost Alabama credit unions over $1 million. Without national data breach laws to hold retailers and financial institutions liable for data breaches, consumers will continue to pay the expenses for inadequate data security.
Consumers will also have to pay more for credit if they become victims of identity theft. Errors on credit reports cause consumers to pay more for credit or to pay higher interest for credit. For example, accounts opened without the consumer’s permission often go unpaid. Past due accounts negatively affect consumers’ credit scores. Inquiries that were not initiated by the consumer can lower their credit score, too. Often times lenders deny consumers credit because of too many inquiries in the past 12 months.
Are you a victim of identity theft? Do you need assistance in getting your name and credit reputation back? The Adkins Firm represents identity theft victims. We help our clients get their names and life back after becoming an ID theft victim. For more information or a free case review, call us 24/7 @ 1-800-263-9091.