Identity theft is the fastest growing crime in the United States. Identity theft affects one in twenty households, costs billions of dollars every year to businesses and, on average, takes hundreds of hours for a victim to regain pre-theft status.
To understand why ID recovery is an important service for the average person, one must first understand the risks and realities of identity theft. When most people think of ID theft, they think of stolen credit card numbers. While this is indeed a risk, it is the most easily remedied form of identity theft.
But ID theft is exactly that – the theft of an identity. Among the devastating uses of a stolen identity are fraudulently obtained medical services, performance of crimes under the assumed name, the acquisition of documentation by illegal aliens, and obtaining credit for which repayment will never be made.
When one understands the facts about identity theft, one understands the need for identity theft monitoring and recovery service:
- 1 in 10 American consumers have already been victims of identity theft.
- On average, identity theft victims incur between $800 – $1,400 in restoration expenses.
- Over 50% of all identity theft is the result of the taking of a physical document, such as a credit application or deal jacket.
- Over twenty people become victims of identity theft every minute of every day in the United States.
“Consumers victimized by identity theft may lose out on job opportunities or be denied loans for education, housing or cars because of negative information on their credit reports. They may even be arrested for crimes they did not commit. It takes a victim an average of 500 hours over several months to resolve identity theft. The potential for damage loss and stress is considerable.”*
*Source: Federal Trade Commission