Monetary, Practical & Emotional Costs of Identity Theft
Nearly half of all identity theft victims have difficulties…
The monetary costs of identity theft can be quite hefty. In fact, victims of identity theft lose an average of $2,000 to 15,000 in wages trying to deal with their cases. This is because victims spend between a day and 9 months trying to repair the financial damage caused by identity thieves, and some even spend up to a year trying to deal with their cases. On average, victims spend between $850 to $1400 in expenses related to their cases, which includes paperwork and any other legal fees.
As a result of identity theft, nearly half of all identity theft victims have difficulties obtaining credit and loans, and roughly 1/5 of victims have higher credit interest rates. Over 2/3 of victims have difficulties removing negative information from their credit scores.
The psychological impact of identity theft is also extensive on both the victims and their families. Victims often times experience anger, anxiety and depression as a result of losing their finances. Nearly half of all victims experience denial, disbelief, feel filed, and develop an inability to trust others, and over half feel unprotected by the police as well as experience rage.