Blogging for Change

Identity theft affects much more than just your money

by Jesse Campbell on
10/19/2016
in Consumer Protection

When we talk about identity theft, the focus is usually on the financial impact of having your identity stolen. Accounts are opened in your name, you’re billed for things you never purchased, and your credit is deeply damaged in ways that may take years to fix.

But the consequences of fraud aren’t just limited to your bank account and credit report. Having your identity stolen causes ripples that can spread out to all areas of your life. Now a new study from the Identity Theft Resource Center shines a light on just how penetrating this damage can be.

Some key findings:

  • 20 percent of respondents experienced criminal identity theft within the last year
  • 55 percent of victims missed work as a result their experience with identity theft
  • 44 percent of victims lost out on an employment opportunity as a consequence of having their identity compromised
  • 54 percent of victims reported feelings of powerlessness or helplessness following the incident
  • 23 percent of victims developed fear for not just their financial safety, but their physical safety as well
  • 74 percent of victims felt pronounced amounts of stress
  • 41 percent of victims developed difficulty sleeping
  • 17 percent of victims reported that their relationship with a significant other either ended or was negatively impacted due to their experience with identity theft
  • 8 percent of victims admitted to feeling suicidal as a result of their experiences

Untangling yourself

The story you hear over and over again with victims of identity theft is just how long it takes to shake off all that damage and reclaim your life. The longer the fraud goes on, the deeper the damage, the longer it takes to sort everything out and put your life back in order.

Remember that your credit report and credit score can have a very direct impact on your ability to find housing, get a job, sign up for affordable insurance, and much more. The longer it takes to untangle yourself from fraud, the more chances there are for you to suffer unfairly for someone’s else criminal act.

Physical and mental wellbeing

I remember being a kid and having my bike stolen. It was such a crummy feeling. It made me distrustful and paranoid. Before then I’d never really considered that people – strangers – could just take your stuff, just like that. It made me cautious, but it also made me sad.

It’s easy to see how identity theft would stick with you, even long after you’ve managed to bring your accounts back in order. Someone has stolen your identity – the thing that makes you you. That’s not an easy thing to get past, and you can imagine how stress and worry might follow you around for a long time.

All of this is to make an oft-repeated point – you need to pay attention. You need to pull your credit reports regularly. You need to review your banking and billing statements every month. You need to be thorough and you need to be cautious. Protect your information and stay alert. No matter how hard you work to stay safe, something could still happen, but the sooner you notice and the sooner you act, the less invasive that clean-up process will be.

Jesse Campbell photo.

Jesse Campbell is the Content Manager at MMI, with over ten years of experience creating valuable educational materials that help families through everyday and extraordinary financial challenges.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.