Identity theft happens when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.

The crime takes many forms. Identity thieves may rent an apartment, obtain a credit card, or establish a telephone account in your name. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn’t make—or until you’re contacted by a debt collector.

A survey of 1,049 U.S. adults by Boston University showed that more than 4 in 5 agree that identity theft “is a major problem in the United States.” Nearly one third ofAmericans - 31% -are very concerned that identity theft could happen to them in thenext 5 years.

Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing or cars because of negative information on their credit reports. In rare cases, they may even be arrested for crimes they did not commit. And when offered the option to pay for a means that would take care of their credit history, bank accounts and credit accounts in the event their identity was stolen, 72% indicated they were willing to pay at least something.

According to the Identity Theft Statistic:

• 10 million Americans will be a victim of identity theft this year.
  
  
• 19 percent of consumers report that financial information, including a bank or credit card number, has been misused.
  
  
• 14 percent say they've had personal information such as a Social Security number or birth certificate taken.
  
  
• Identity theft prime targets are college graduates, those with annual household income of $75,000 or more, people residing in the West, and Americans between the age of 30 and 49.
  
  
• Identity theft hits 1 in 4 U.S. households
  
  
• Loss to businesses in the U.S. exceeds $50 billion annually due to identity theft
  
  
• On average, identity theft victims spend 175 hours of their personal time and $800 to clear their names
  
  
• On average it takes victims 14-16 months to clear their name
  
  
• One in six Americans (17 percent) say they’ve had financial information stolen (bank or credit card number)
  
  
• Three in four consumers (75 percent) agree that they would take more steps to avoid being a victim of identity theft if they knew what to do.
  
  
• Four in ten consumers (43 percent) think it is unlikely they will be victims of identity theft.
  
  
• One in three consumer (33 percent) think there is nothing they can really do to prevent identity theft.

Source: Federal Trade Commission, The Gallop Organization poll, Consumer Sentinel and Identity Theft Data Clearinghouse

Solution ?

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