Credit fraud and identity theft are among the fastest-growing crimes in Denver. An individual's identity can be stolen in many ways from having one's wallet stolen, to having their credit card statements taken from an unsecured mailbox to a data breach at their financial institution.
No matter how careful a person is to guard against identity theft and credit fraud, instances of it occur thousands of times a day and it often goes unnoticed by the affected individual for months.
As part of their individual identity fraud protection plan which may include shredding important documents and being more cautious about how and where they share personal information. More and more consumers now have added credit monitoring services to the list of things they proactively do to prevent and control identity theft and credit fraud.
By participating in a service that monitors a consumer's credit files with all three credit reporting agencies, they can be proactive in guarding their credit. Credit monitoring services alert them to any significant changes in their credit report.
Individuals who have fallen victim to identity theft or credit fraud can spend thousands of dollars and many hours of their time working to clear their good names. Victims of identity theft spend a lot of time talking to the police and dealing with creditors.
The emotional strain on victims may also result in lost hours from work. Identity theft insurance is coverage that typically helps compensate the insured individual for any lost time and wages suffered as a result of having their identity stolen.