ID Theft Insurance
Oct. 1, 2011
One of my subscribers had the credit card ID stolen. Here is what happened next.
I was hit by a pro identity theft ring 4 years ago, on two cards simultaneously. The ring {that's what the F.B.I. called them} operated out of Moscow--so no American law enforcement can do anything to them! They charged $120K in 5 days. I didn't have that much credit available on my two cards. What the pros do, is use your personal information & your good credit to apply for and get 10 more cards in your name! The FTC's Laws protect you from ALL of the fraudulent charges. But if you want a life back and a good credit and bank account again, you are going to have to hire a P.I. for $$ thousands of dollars to find out where and who did this to you. And you'll have to hire an ID-theft-lawyer to help clear your name! And you'll lose your Job, because you will be helping your lawyer so many hours every day in clearing your name!
It cost him $15,000 to hire a private investigator to prove that he had been victimized by a criminal syndicate.
It can take years to clear your record. It takes many forms to fill out.
The Federal Reserve Bank of Boston has published a booklet on this. You would be wise to read the section on what to do when you're a victim. This is a fast-growing crime in the USA. There will be 500,000 to 700,000 victims this year, the FBI estimates.
I have been aware of this for several years. I bought ID theft insurance from the company that sells my home insurance and card insurance. If I get hit -- I am a public figure -- the company pays for the costs of restoring my credit.
Lots of insurance companies offer similar policies.
I think it's money well spent.
For me, it's the value of my time. I want to be able to call my insurance agent and say, "Have the company fix my credit score.
Another solution -- cheaper -- is to send a credit freeze letter to the three credit rating services. The information is here:
For over 280 more tips, click here://www.garynorth.com/public/department54.cfm