Identity thieves have become an all-too-common menace for unsuspecting consumers in today's economy. The Federal Trade Commission’s Bureau of Consumer Protection received over 86,000 reports of identity theft in 2001, and that number is expected only to rise.

How it Occurs

Identity theft can occur online or in the everyday world of consumer transactions. Identity thieves use a variety of methods, from the simple to the sophisticated, to steal personal information like a social security or driver’s license number. Then they use this information to open accounts and charge goods and services in the victim’s name, leaving the victim with the debt. It may be months before the victim discovers that someone has used his personal information to obtain a credit card, rent an apartment, or take out a car loan.

The Damage Done

The damage to the victim can be wide-ranging. First, the consumer must deal with the immediate problem of payment demands by merchants and debt collectors. In many cases, the consumer can resolve this by completing a detailed fraud affidavit and filing a police report with local authorities. But this is hardly the end of the consumer’s problems, since identity theft can wreck an otherwise impeccable credit rating. Consequently, the consumer will have to contact the fraud departments of the three major credit bureaus or face a permanently-damaged credit rating. Unfortunately, the process of cleaning up a credit report can be frustrating and time-consuming due to the indifferent attitude of the credit bureaus.

We Can Help

We regularly assist clients in erasing debts created by identity thieves and in restoring damaged credit ratings. We also counsel clients on how to minimize the risk of becoming an identity theft victim.

If you have been a victim of identity theft, or if you would like more information about limiting your chance of becoming one, contact Paul A. Fanning or Lance P. Martin.