Effective Solution to Identity Theft on the Way?

Although identity theft is now recognized as a serious crime and more people than ever are looking for methods to start stopping identity theft, no solid solution to identity theft has been found yet. That is not promising news for the millions of potential victims who could be targeted at this moment.

Law Enforcement Efforts

Some positive movements toward an effective solution to identity theft have been implemented in recent years. Law enforcement agencies have been more responsive to victims in recent years. According to the Aftermath Study released by the Identity Theft Resource Center, more than 50% of local police departments take reports when victims complain about identity theft cases. In the past, the percentage was much lower.

Weaknesses of These Efforts

Unfortunately, even these efforts do not contribute to an effective solution. Instead, the police are still largely powerless to provide any real assistance to victims and to start stopping identity theft from multiplying. Because of differences in state regulations and limited resources, local law enforcement officials do not have much power to make a difference. This is especially true when the case crosses state or international borders. Sadly, the thieves have more resources and are much savvier than the cops when it comes to identity theft.

Three Major Credit Bureaus

As part of federal legislation intended to help protect consumers from extreme financial loss, the three major credit bureaus are required to be fast-acting and ultra responsive for the victims. For example, victims can report the problem online and instantly place fraud alerts on their credit reports to start stopping identity theft and making sure the loss does not grow out of hand.

Weaknesses of the Legislation

Sadly, even the best intentions of the federal government have not wholly become an effective solution to identity theft. Less than 20% of victims were able to speak to a human representative from one of the three major credit bureaus. More than 80% had to contact one of the three major credit bureaus repeatedly to have the fraudulent information, associated with the crime, removed from their credit reports.

Despite all of the efforts to create an effective solution to identity theft that will reduce the risks of becoming a victim, the best solution is still prevention. By protecting your personal and financial information from possible thieves, you can reduce your reliance on the three major credit bureaus and the local law enforcement agencies. The bottom line is that prevention is always going to be the best solution to this very real and very pressing problem.