The average ID theft is discovered 12 ½ months after it occurred which gives the thief plenty of time to do major damage to your credit and reputation. It can take years to restore your identity at a cost of around $1,600 not counting attorneys fees.
The FTC oversees ID theft complaints but will not restore your identity. Take Charge: Fighting Back Against Identity Theft is an FTC publication that is basically a “do it yourself” kit for identity theft victims. When you read this publication you realize that you CAN be held liable for fraudulent charges. Your liability is determined by how quickly you discover and report the theft.
With electronic thefts, your liability is $50 if reported within 2 days $500 if reported between 3-60 days Total loss of the theft is reported after 60 days. Credit card liability is outlined on page 19 You must
“send your letter so that it reaches the creditor within 60 days after the first bill containing the error was mailed to you. If an identity thief changed the address on your account and you didn’t receive the bill, your dispute letter still must reach the creditor within 60 days of when the creditor would have mailed the bill.”
List of actions for the ID theft Victim
• File a police report
• Place fraud a...