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January 28, 2008
LifeLock - Why You Need It
When I first started receiving questions about identity theft at Crediteria.com about LifeLock, an identity theft prevention service, like most people I didn’t fully realize just how big this problem was. Sure, I knew it was out there so I had the editorial team dig into more information to help those who think they are a victim.
Here are some facts on why you might want to consider using a service such as LifeLock:
Identity theft is one of the fastest growing crimes in the United States in the last 5 years. According to the Federal Trade Commission, over 27 million Americans were victims of identity fraud and the FBI says identity theft is growing at a rate of 500,000 to 700,000 new cases every year.
What might cause you to think you are a victim of identity theft?
According to the results of the National Crime Victimization Survey conducted by the Bureau of Justice they found this:
Over 30% of people become aware they are a victim of identity theft when they notice money is mysteriously missing from their bank account or when the see unknown charges on their credit card statement and another 25% find out they are a victim when they receive a call from a credit bureau inquiring about a loan they didn’t apply for.
Another very common way people find out they are victims of identity theft when they are denied credit.
According to the FBI it takes the average consumer about a year before they find out they are an identity theft victim. A lot of damage can occur over the course of a full year!
On average it will take the average person 175 hours of your time to clear their name and will cost roughly $1500. The losses typically go deeper due to lost wages for time off work, on average lost wages amount to $1200 and some reports indicate that 20% of people that are victims of identity theft lose over $5000.
The tolls goes further than monetary loss, the emotional impact of victims is something that can not be measured in a dollar amount. Some victims of identity theft have said that they would have rather had a physical crime, such as mugging or robbery, occur than have the emotional scares identity theft leaves.
It is crucial that consumer be proactive on keeping tabs on their identity by checking their credit report on a regular basis or enroll in an identity theft prevention program such as that offered by LifeLock. Nobody cares more about your financial situation than you do so make sure you take precautions.
If you haven’t made monitoring your identity part of your everyday life then it’s time to take action and considering manually checking your credit report on a quarterly basis. A better idea is to take a proactive stance and implement a service such as LifeLock to ensure you don’t become a victim in the first place. No matter what service you deem appropriate, it’s important for you to actively monitor your own identity to avoid the emotional pain and financial loss that identity theft causes.
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