Identity Theft Rising at Alarming Rate According to One U.S. Government Agency—Millions Affected, Billions Lost

Orlando, Florida (PRWEB) March 20, 2014

A new U.S. Department of Justice report released late 2013 indicates a dramatic increase in identity theft across the nation in just one year, http://www.bjs.gov/content/pub/pdf/vit12.pdf. The bureau that gets its figures from the National Crime Victimization Survey conducted in 2012, reports approximately 16.6 million consumers were victims of identity theft that year alone. Losses, both direct and indirect to victims and lending institutions—a staggering $24.7 billion.

That’s up from the previous year when Javelyn Strategy and Research, an independent company that conducts global financial studies reported about 12 million identity thefts in the nation, totaling 21 billion dollars, https://www.javelinstrategy.com/brochure/239. The majority of the thefts (about 85%) are the result of the fraudulent use of banking and credit card accounts already in existence for consumers, according to the bureau’s latest findings. Despite numerous strategies employed by multiple federal agencies, including the IRS and the FTC to provide consumer education and promote public awareness, identity theft numbers continue to grow at an alarming rate each year.

That’s going to wreak havoc with credit files all over the country as victims struggle to put their lives back together after such an event. Credit reports can reflect inaccurate information months, even years after the initial theft. Many people aren’t even aware a crime has even occurred until they receive a statement in the mail with fraudulent charges or apply for financing where their credit is checked.

Even if consumers haven’t been victims of a crime, credit reports can still contain errors and inaccuracies that affect the ability to secure credit however. In fact, The Federal Trade Commission reports in its December 2012 study that over one in four Americans have errors in their credit file that could affect credit scores, http://www.ftc.gov/news-events/press-releases/2013/05/ftc-testifies-credit-reporting-accuracy-study-fcra-enforcement. The FTC report goes on to find that at least five percent of people may end up paying more for loans and insurances due to a significant drop in their credit scores.

In efforts to reach out to consumers victimized by identity theft and those dealing with inaccurate credit reporting, the full-service credit company, BestCredit.net has recently launched its new informational section on credit monitoring, and statistics related to the fastest growing non-violent crime in the United States today.

Additional information pages give consumers the opportunity to learn more about the process of credit monitoring and the many services the major credit bureaus and BestCredit.net provide. The newly created section includes self-help advice such as, “How To Place A Credit Freeze”, http://www.bestcredit.net/Get-Your-Credit-Monitoring/The-Best-Way-to-Place-a-Credit-Freeze-with-Major-Credit-Bureaus.php and “Self Credit Monitoring”, http://www.bestcredit.net/Get-Your-Credit-Monitoring/Self-Credit-Monitoring-to-Prevent-Bad-Credit-and-Identity-Theft.php. Information on credit monitoring products offered in the consumer marketplace, as well as myths about credit monitoring and services is also available through the newly expanded site. As credit-monitoring solutions evolve, the company continues to develop its efforts to educate consumers about the trending topics surrounding credit abuses and identity theft.

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