--News Direct--
December marked Identity Theft Awareness Month, and for the past three years, Debt.com has conducted surveys among Americans to gauge the prevalence of the country’s most common crime. For the first time, nearly half of all Americans have experienced identity theft. In 2023, over 2,100 U.S. organizations reported data breaches, surpassing the previous year’s count of 1,802 breaches. According to the latest Debt.com survey, identity theft is at an all-time high, with 49.22% of respondents confirming that they have fallen victim, representing a nearly 10% increase from 2021.
Almost half of respondents said identity theft cost them up to $500. That might explain why almost 1 in 5 took on more than $500 of debt due to the crime. Debt.com President Don Silvestri predicts that debt will only grow over the next few years. “Not only is identity theft spreading, but it’s hurting Americans’ fragile budgets more than ever,” he says. “They already face record amounts of debt due to rising interest rates, student loans, and credit card bills. They shouldn’t have to go into debt to recover from this crime.”
President of Debt.com
Credit scores also took a hit. More than 40% said their credit score dropped due to identity theft. In 2022, it was 31% and in 2021, that number was 38.5%. A significant number of those polled had their credit scores fall by up to 100 points with drops reaching new heights this year:
2023 – 38%
2022 – 32%
2021 – 34%
“This is an ominous sign,” Silvestri says. “Taking on personal debt to recover from identity theft is bad enough, but a lower credit score has long-lasting ramifications. Imagine trying to buy a car or a home with a credit score that’s 100 points lower. That could add up to thousands of dollars for years to come. Identity theft is a crime that just keeps on taking.”
The survey found that some areas of the country were more affected than others. The Mid-Atlantic region reports the highest incidents of identity theft (22.06%) while New England has the lowest (3.44%). The Pacific and South Atlantic regions come in second (17.61%) and third (15.99%), respectively.
SOURCE: Debt.com
Spanish-language version, please read "Investigación de Robo de Identidad"
Debt.com is a resource that offers consumers education, self-help guides, professional solutions, and more. On Debt.com, consumers can find expert money advice–how to make it, how to save it, and how to spend it. They also assist consumers by matching them with the perfect debt-solution company for their situation and making sure they are happy with the results. Debt.com has been featured in the Washington Post, Yahoo! Finance, Forbes, and more, making them a pillar of the debt relief industry.
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