- Time – When your identity is stolen, there is a long list of tasks you must complete immediately, including filling out an identity theft report, freezing your credit and requesting copies of your credit report. This takes time, often a lot of time, which takes away from other activities, such as spending time with family or possibly working. You will also need to carefully review your credit report regularly for the next few years to make sure new instances of fraud do not show up.
- Higher interest rates – Identity theft victims may see their credit scores drop over time after a thief hasused stolen personal information to open a loan or new credit account and thendefaulted on payments. In the meantime, this means that if your car is totaled in an accident and you apply for a car loan, you may end up paying a higher interest rate due to your damaged credit score.
- Loss of Opportunity Costs – In some cases, your credit may be so damaged that you cannot even get a loan after an identity theft, according to a survey conducted by the Identity Theft Resource Center. This means you may not be able to buy the renovated condo down the street that is a fantastic deal, but instead pay a higher price next year for a unit in need of an update.
Posted Thursday, March 30, 2017
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