Although there is no insurance against the devastation of your credit rating and the grief it causes, it at least helps pay for expenses associated with the time-consuming tasks of fixing your credit standing or cleaning up a criminal record acquired in your name.
The US Federal Trade commission estimates costs for incidentals like phone calls, notary seals and certified mail at $1,000. The Privacy Rights Clearinghouse estimates that victims spend approximately 22 work days trying to clear their name and credit.
If fallen victim to a thief who has gained a criminal record in your name, legal fees could range anywhere from $5,000 to $15,000 in order to clear your name.
If your current homeowner’s policy doesn’t include identity theft or if you are not sure whether it does, contact us to review your policy and options.
While the risk may be low, identity theft is still one of the fastest growing crimes in the US. And if you are already covered, don’t let it create a false sense of security. Remember, the best defense against fraud is prevention.