The Hidden Costs of Identity Theft: Missed Job Opportunities, Higher Insurance Rates, and Emotional Impact

A stolen identity can turn every aspect of your life into a tremendous struggle as you try to get your life back from unethical scammers. Taking someone’s identity is much easier than restoring your good name, so let’s examine the hidden costs of identity theft. These include missed job opportunities, higher insurance rates, and the emotional impact on your job and daily life. If you have been impacted by identity theft contact our Florida identity theft lawyers today.

Missed Job Opportunities Because of Florida Identity Theft

When thieves steal your financial information and incur debts under your name, it can seriously damage your credit and even result in criminal charges against you, even when you didn’t do anything. Employers often run background checks, and unless you have a working fraud alert or investigation, they may be wary of hiring you. 

Your current company may even deny promotions into management if their policy prohibits those with negative background checks from advancing into leadership roles. 

Higher Florida Insurance Rates

Credit reporting agencies like Experian inform us that auto and home insurance providers may increase your rates after your identity is stolen. Negative comments on your report, even as a result of fraudulent activity, can cause your premiums to jump or even lead to policy cancellation. Restoring credit after fraud can take years, and in the meantime, you face more expenses while trying to hold the at-fault parties responsible. 

Emotional and Psychological Impact of Florida Identity Theft

Fighting back against fraudulent claims can be exhausting, time-consuming, and wear you down emotionally. In a study on the Financial and Psychological Impact of Identity Theft Among Older Adults, experts found that victims develop anxiety, depression, and stress from the effort of recovering from identity theft. In addition, you could lose your job or be demoted, leading to more financial concerns, or suffer losses in your personal relationships. 

Protecting Yourself From These Hidden Costs

The Federal Trade Commission (FTC) offers excellent advice for reducing your chance of falling prey to identity theft, including these recommendations:

• Set up credit freezes with the major credit reporting agencies, preventing anyone from opening new accounts in your name.
• Use computer-generated passwords on financial and credit accounts, along with two-step authentication.
• Safeguard your child’s Social Security number and information to prevent their identity from being stolen.
• Educate your children about sharing information with strangers online and use parental controls to limit where they can browse on the Internet.
• Avoid sharing personal details that could be used in identity theft on social media or with people you don’t know well.
• Don’t send money to people on social media or dating apps.
• Use facial or fingerprint ID to unlock your phone and protect your data in case it’s stolen.

Contact Our Florida Identity Theft Attorneys Today

If you have already been a target of identity theft, you have the right to seek justice against those who have ruined your life. You can speak with a Florida false impersonation attorney at Sharmin & Sharmin to discuss your case and learn more about how to fight back. 

We have the experience to aggressively pursue your case in both state and federal courts, so contact us to arrange a free consultation today.