Identity theft cost analysis provides a real eye opener for the average consumer. A 'real' cost analysis would show that apart from the financial costs of lost savings and piled up debts, there are other hidden costs for victims of ID theft.
"There are plenty of ways to get ahead.
The first is so basic I'm almost embarrassed to say it:
Spend Less Than You Earn.”
- Paul Clitheroe |
The actual financial loss may be minimal as compared to the loss suffered in terms of a damaged credit status, reputation and your physical and mental health. The pressures of emotional stress and the potential trauma the victim faces during the time-consuming and tedious process of repairing the damage to their name and credit, is a huge cost in itself. It has been well reported that ID theft takes place every four seconds. The average cost of repairing a stolen identity is approximately $8000 and the average time spent is 600 hours. Victims also find themselves unable to obtain passports, buy property, or get employment until their credit problems are resolved. Identity theft is not readily or easily detected. It may take months for a person to discover that his identity is stolen. This gives the thief sufficient time to enjoy the spoils. He goes on a shopping spree at the victim's expense, messing up his credit and reputation. In extreme cases, he may even indulge in terrorism and drug related crimes in the name of the victim. It is devastating for the victim to suddenly discover what has been going on for a long time without being aware of it. Most victims are subjected to panic, rage, fear, embarrassment and helplessness when they discover that someone unknown to them has been maxing out their cards; their checks are bouncing, and debt collectors are calling them for debts they know nothing about. Thus, identity theft cost analysis points to the necessity of insulating oneself from the risks involved in cases of identity theft. There are a number of companies willing to offer insurance plans, which can minimize the emotional impact of identity theft. The Zander Insurance Group is one company that offers a comprehensive identity theft insurance plan. It is an all-encompassing plan covering protection, recovery and reimbursement. It is comprised of a customized protection plan which is crafted on the basis of details furnished through a questionnaire posted on the company's site http://www.zanderins.com/idtheft/idtheft.aspx#. Members receive scam and fraud alerts in addition to receiving credit report reminders three times a year. Other important features of the protection plan include video training programs, a monthly newsletter and online education to avoid theft of identity. This plan figures in nicely to a personal identity theft cost analysis plan. In the event of a member being subjected to identity theft, a personal recovery representative is assigned to work with the insured and prepare a Damage Assessment and Recovery Plan that would cover all essentially needed action steps under the circumstances. Such steps include filing a police complaint, informing the Federal Trade Commission, government authorities, concerned financial institutions, creditors and placing fraud alerts with Experian, Equifax and TransUnion. On behalf of the member, the representative will also handle matters for resolving disputes with creditors, keep monitoring credit bureau activity and work for removal of civil/criminal judgments. Reimbursement up to $20,000 to cover court costs, legal fees, long distance phone calls, lost income and various other expenditures is provided under the plan. We highly recommend you consider this important insurance as part of your identity theft cost analysis plan.
"What's money?
A man is a success if he gets up in the morning
and goes to bed at night and in between
does what he wants to do.”
- Bob Dylan |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
