Identity Theft Insurance: The Best Tool for Identity Theft Recovery

Identity Theft Insurance Can Prevent Nightmares

The increasing prevalence of identity theft is spawning the establishment of identity theft insurance businesses whose mission it is to assist in identity theft recovery. Repairing damaged finances and credit records can take hundreds of hours. Many consumers do not have the time or the inclination to pursue this process alone. Fortunately, there are business that can help.

Identity Theft Insurance is a Proactive Approach

The time to consider purchasing identity theft insurance is not after you've had your identity stolen. By then, it's too late. You need to get your insurance set up before a problem arises.

Many insurance agencies are offering identity theft insurance to customers who have already insured their vehicles or homes with them; some independent companies offer similar types of insurance as well.

Identity theft insurance can provide both financial assistance (to help with paying erroneous debts that are not forgiven, or to otherwise cover monetary losses) and aid in making the necessary calls and writing the letters required to set the records straight.

Think about it -- if someone takes out credit cards and loans in your name, racks up thousands (or hundreds of thousands) of dollars worth of debt, and ruins your credit record, do you have the time and financial resources to spend recovering your identity?

If not, then identity theft insurance is probably a small price to pay for a significant amount of peace of mind.

The Road To Recovery

If your identity is stolen, there are several steps that need to be taken -- and the sooner the better. First, contact all of your creditors and financial institutions and have your accounts closed and reopened with new account numbers. Obtain a copy of your credit record and begin to dispute accounts that you did not open, both with the credit bureaus and the creditors themselves.

Contact local law enforcement to file a complaint. Then, be prepared to keep at it, possibly for years, until you've gotten everything back in order. Identity theft insurance is a great way to ease the burden and have someone else do a lot of this legwork for you.

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