What are the Damages to Victims
The damages suffered by victims of identity crime can be devastating. In addition to potential loss of all of the money in their bank accounts and the good credit rating they need in order to get loans or mortgages, victims can be subjected to prosecution for crimes perpetrated by another and/or named as defendants in civil proceedings for activities committed under their name.
Below is an overview of resulting problems for victims of identity crime from the 2006 report by the Federal Trade Commission (FTC).
In addition to the loss of financial security and reputation, identity crime imposes a terrible administrative burden on the victim as he/she works to rectify the damage. In a victim survey conducted by the Identity Theft Resource Center in 2006, findings showed that victims spend an average of 97 hours, or more than two business weeks, repairing the damage done and clearing their names and credit records. Victims spent an average of $1,884 in out-of-pocket expenses as well. For more information, visit the Identity Theft Resource Center Website at http://www.idtheftcenter.org/.