When it comes to improving your finances, most people immediately think of spending wisely, eliminating debt, and saving up for retirement, and rightly so! Those all can play a huge part in financial success. However, one potential aspect of maintaining solid finances is incorporating an identity theft protection plan.
The Cost of Being a Victim
What might identity theft protection have to do with financial success? Why might it be involved in your financial plan? Simply put, being a victim of identity theft could mean losing everything.
If fraudsters get your debit information, they could empty your bank account. If they infiltrate your place of business and steal your personal information, they could access your insurance benefits or even retirement savings.
When you become a victim, your personal information, money, time, and even your health are at risk:
Victims may have to rebuild their credit, reinstate their good reputation, and recover from the stress of it all.
On top of that, there could be lasting effects. Take credit damage, for example. Let’s say you’re looking to get a 36-month new auto loan for $15,000, and the last time you checked your credit score (say, a year or two ago), it was 750, so you think you’re good to go. Unbeknownst to you, a fraudster got a hold of your information and has been using your identity to open accounts and rack up debt, ruining your credit and putting you closer to a score of 550 (an extreme plummet but a good illustration). With a score of 750, you might get an annual percentage rate of 3.252%, a monthly payment of $438, and end up paying $764 in interest over the life of the loan. However, if you try to get that same loan with a credit score of 550 (thank you, identity theft), you might have an APR closer to 14.73%, a monthly payment of $518, and end up paying almost $3,000 more in interest!⁴ Now think about applying for student loans or trying to buy a house with that kind of credit damage…
What can you do?
There are a few simple steps you can take to stay ahead of the game. Here’s how you can get started:
Protecting Your Well-Earned Money
In this technology-driven day and age, you may need more than a good lockbox. You may need an identity theft protection service that monitors your personal information and finances. For top-of-the-line security, keep an eye out for services that include the following:
Did you know MSA members have comprehensive identity theft protection at their fingertips? Talk with your Money Coach about how to access the services mentioned above.
Building and maintaining financial success may need to include protecting your finances. Learn how you might protect your hard-earned dollars by calling 888-724-2326 today.
My Secure Advantage® does not monitor every transaction at every business. No service can stop all identity theft events. This content is for informational purposes only and does not guarantee eligibility for the program or its services. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. The information presented is not to be a substitute for seeking advice specific to your situation from a legal or financial professional. If legal or financial advice is required, contact an attorney or financial advisor.
¹Pascal, Al, Kyle Marchini and Sarah Miller. “2016 Identity Fraud: Fraud Hits an Inflection Point.” Javelin, 2 Feb. 2016. Email. 16 May 2016.
²Harrell, Erika, Ph.D. and Lynn Langton, Ph.D. Victims of Identity Theft, 2012. BJS, Dec. 2013. PDF.
³Sansom, Nancy. “New Apps Improve Employee Wellness.” Corporate Wellness Magazine. February 2012: 25-26. Web.
⁴Loan Savings Calculator. myFico, 9 Jun. 2016. Web. 9 Jun. 2016.
It’s more fun dreaming of sugarplums than worrying about identity theft, but the holiday season calls for extra attention to all the fraudsters out there. After all, you don’t want the holiday cheer suddenly slipping away because you found out someone got a hold of your credit card and went on a shopping spree for […]
It’s hard to sleep at night when a fraudster steals your identity and compromises your security. Listen to what a victim did in order to feel safe and sleep better when he was faced with identity theft. Spencer* thought something fishy was going on when he noticed a satellite television account in his name that […]
Goodbye to long summer days and hello to classrooms and homework! As you send off your students with packed lunches and sharpened pencils, make sure they have protection from identity theft too. A school often has a child’s personal identifiable information, which could be used for fraudulent activity if put in the wrong hands. Here […]
Aaron was twenty-five and already plugged in to a great career, when he realized his bad habit of incurring debt meant gambling away his financial stability and future. Through the My Secure Advantage (MSA) financial wellness program, Aaron started working with Lee – a Money Coach who helped him build an action plan for financial […]