What happens when you fall victim to identity theft?
Everyone knows that becoming a victim of identity theft can lead to credit problems and financial woes, but there are many more ways identity theft can impact your life than you might realize. Identity theft can leave a lasting impact on your life far beyond just making it difficult to take out a loan or buy a house. It goes beyond financial loss.
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You might end up needing help getting back on your feet:
It’s probably not a big surprise that those who are middle-to-lower income are going to have more difficulty recovering from identity theft, especially if the identity theft results in losing money. Unfortunately, identity thieves can even wreak havoc on your ability to receive that support. You may find yourself leaning on friends, family or local community for help. None of this is something to be ashamed of, but it’s a reality that many victims of identity theft may find themselves coming face to face with.
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Your job or living could be in jeopardy:
Although some people might be able to take time off to deal with personal issues without risking their job, that’s not the case for everyone. If you’re in the middle of a job hunt, then the time and energy you must dedicate to restoring your good name could mean missing out on an employment opportunity. There’s also a potential risk to your living situation. Anyone who has rented a home or apartment probably knows that landlords and rental companies often require credit checks for approval, and if your credit has been destroyed as a result of identity theft, you may find yourself turned down for the apartment or house of your dreams.
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Your online reputation could be destroyed:
It can be tricky enough to maintain an online reputation when you’re the only one responsible for it. Add identity thieves into the mix, and you could find yourself in for a world of hurt without even realizing why it’s happening. Identity theft is not solely relegated to the theft and misuse of financial or personal data – sometimes people’s social media accounts are taken over, and this can have dire consequences. In other cases, identity thieves create false accounts for their victims and use them to smear their reputation by posting things that paint them in a negative light. It’s important to review privacy settings for any online accounts you have, as well as occasionally perform Google searches for your name to ensure no imposter accounts are floating around.
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Your relationships might be affected:
Unfortunately, an alarming amount of identity theft is committed by someone the victim already knows – a family member, a friend, a business associate, etc. When you get down to the bottom of your identity theft and it’s someone you thought you could trust, you might find your world as you know it spinning out of control. This is especially the case if your identity was stolen by a close family member. For others, the stress of experiencing identity theft could lead to their personal relationships crumbling. There is a significant correlation between financial health and relationship health, and many relationships don’t survive a heavy financial hit. It’s important to take care of your psychological needs while dealing with identity theft, or any other crime, so that you can maintain healthy relationships and lean into the support of those around you.