Debt management nightmare for ID theft victims
Debt management nightmare for ID theft victims
Monday 8th June 2009
Research by home insurer LV= has found that about half a million consumers in the UK have already been blacklisted as a result of identity (ID) theft and just as many risk falling victims to the crooks by 2014.
Those already affected face even bigger debt risks because they have to part with an average of £2,100 in legal fees in order to clear their names, the organisation stated.
According to the firm's managing director John O'Roarke, the last ten years have seen the organisation record "a massive increase in the number of people targeted by fraudsters".
He went on to state that this illustrates "the importance of vigilance in protecting personal information and monitoring for any problems that might prove to be a 'symptom' of identity theft".
He added: "Our research shows that an unfair credit rating is a common problem for many and more worryingly, identity fraud is likely to rise sharply in the coming years."
Some 6,000 British people participated in the study, which also found that 27 per cent have failed to secure credit due to mistaken identity.
Falling victim to ID fraudsters can leave people facing huge bills, which can only worsen the average owed by every UK adult, currently placed by debt charity Credit Action at £30,500, including mortgages.
New statistics published earlier this month by the organisation also showed that one in 33 people currently working are estimated to become unemployed in 2009.
News article brought to you by Debt1 – The debt management company.
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