Bankruptcy is Not an Option For Identity Theft Victims

(Newswire.net — November 10, 2016) Tallahassee, FL — Credit card theft is considered to be one of the fastest growing crimes around the world, especially in the United States. For those who have already been victimized by thieves, it is imperative that they take the right steps to remedy the problem.

Filing for bankruptcy is not a wise option for identity theft victims. The crime places victims to financial and emotional shambles but they should think things over before filing bankruptcy as it is not quite the best thing to do.

According to experts, many identity theft victims are tempted to file for bankruptcy. There are even those who mistakenly believe that it is the wisest step they can take since it could put an end to collection calls. It is also believed to erase the debts in the credit report of the victims.

However, it is important to note that it carries long-term consequences that victims may not find favorable.

Individuals who fall victims to identity theft are legally entitled to the removal of their debts. This is one good reason why filing for bankruptcy is not a quick and advantageous remedy for victims.

This legal protection provides victims with the right to have their debt removed from their credit report within 4 days of reporting the crime. The filing of bankruptcy could potentially destroy the credit of the victims.

Bankruptcy would not just decimate the credit of victims but would also be recorded in their credit report for a span of ten years. When they try to file for loans or get a new job, their bad credit would cause an impediment.

Even if years have already passed since the identity theft took place, the record of bankruptcy can stay. It is also important to note that filing can be expensive as victims need to pay for over a hundred of dollars for the lawyer, fees, and other charges. It is not just expensive but also lengthy.

Individuals who are victimized by fraudsters are advised to report to law enforcement immediately.

Identity theft has been an extremely popular crime due to the fact that card skimming devices are not just widely available, but also easy to use and inexpensive. Card skimming devices work by establishing signals between the credit or debit card and stealing its information.

Individuals who travel through crowded places such as subways and airports are more susceptible to the crime. The good news is that there are RFID blocking sleeves available nowadays. These sleeves work by blocking the signals from skimming devices, and thus prevent thieves from committing the crime.

The set of RFID blocking sleeves can be purchased at amazon.com. (www.amazon.com/rfid-sleeves-for-credit-cards/dp/B0150T0AI2).