What is identity theft insurance?

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18th Nov 2009 by JonB

Identity theft is one of the fastest growing crimes in the world today. It involves stealing personal information from someone (usually electronically) and using that personal information to gain access to account and steal money or take out loans. Often the victims of identity theft don't know they are until they notice an irregular account on their credit reports, or they get a call from a creditor for payment on something they never bought. Identity theft can be catastrophic to one's ability to obtain credit or even get a job. Since the culprits may do it all all over the computer, they are notoriously difficult to locate and apprehend. Once the damage of the identity theft is discovered, it can be very difficult to undo as the creditors still want their money back, even though you may not have borrowed it in the first place. The government has made credit agencies accountable in maintaining the accuracy of your information. Identity theft insurance insures you monetarily from any damages you may incur upon having your identity or personal information stolen and misused. The appeal of this kind of insurance is growing as identity theft becomes more prominent.

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17th Nov 2009 In Insurance 1 Answers | 1136 Views

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