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I remember this being discussed awhile back, collection companies that buy up 'old debt' were worried that a debtor could not be forced to pay what they owe, (if the bank sold or wrote off the money owed), Im pretty sure the collection companies got their way though!
The argument was...if the bank/financial institution either sold or wrote off the money owed...technically, that debt had been resolved, but if debt collection could not be enforced, the entire industry would go down the drain and NO ONE would pay anything!
For instance, say a criminal fakes a bank or title company into signing over your home to them and then takes out a mortgage on it... and supposedly you as the "real owner" are stuck with that debt.
Shouldn't that title company and lender be held 100% liable for that criminal act (along with the criminal)? After all, it was that title company and lender who didn't do their job in making sure they were dealing with the "real" person who owned the home.
If someone can present the same documents you did/would when buying a house and they appear legitimate, what more are they supposed to do?
Do you want some kind of biometric reading to engage in a private transaction? No thanks.
I'd be willing to bet that outside of database breaches, most identity theft is made possible due to consumer ignorance and their own actions.
For instance, I've been running mail servers for decades and have a thorough understanding of how email works. It's not secure. Knowing that, I tell my customers NOT to email payment information, and why, but many still do anyway.
People are people, and they're lazy. They think it'll never happen to them and they take risks. When their info is illegally used, they look to their bank or someone else to blame, but very often it's their own doing.
The number one thing you can do to secure your identity is understand the technologies you're disseminating that information through. You don't need to be an expert. Just some basic things, like don't send sensitive info through email, understand the difference between http and https, never click a link in an email purporting to come from a financial institution, etc. There are some basic concepts that if people better understood, the ID theft industry would be much smaller.
This question came to me in reading a post on another thread here. It has bothered me for years.
Okay, so I've had my "identity" stolen twice in having someone else use my debt card. Both times, my bank actually caught it and I was issued a new card and was not responsible for any fraudulent charges made by that other person.
However, I always hear ads on the radio about "identity insurance," "title locks," and those sorts of things. Why should those services even be necessary?
For instance, say a criminal fakes a bank or title company into signing over your home to them and then takes out a mortgage on it... and supposedly you as the "real owner" are stuck with that debt.
Shouldn't that title company and lender be held 100% liable for that criminal act (along with the criminal)? After all, it was that title company and lender who didn't do their job in making sure they were dealing with the "real" person who owned the home.
In my opinion, such companies are negligent, should be charged with a crime themselves, and should pay a very stiff fine once the mess is cleared up. AND any lawyer fees the true owner had to accrue to straighten the mess that the title company and lender made in the first place.
If these lenders and titleholders can't identify who they're dealing with, they are incompetent and ought to be shut down. Doesn't matter how slick the identity thief is. These companies are responsible for their screw-ups... or at least they should be.
Opinions?
While "identity theft insurance" may be comforting to some it is easy and free to at least lock down your credit reports against new debt. All you really need to do is set up a security freeze with the three major consumer credit reporting agencies. https://www.consumer.ftc.gov/blog/20...eezes-are-here
Now a poster here on city data mentioned this does not cover commercial loans made in your name however it's a good start.
As has been said before, just lock your credit. It's easy to put a security freeze on your account. As Wartrace posted above,
"While "identity theft insurance" may be comforting to some it is easy and free to at least lock down your credit reports against new debt. All you really need to do is set up a security freeze with the three major consumer credit reporting agencies. https://www.consumer.ftc.gov/blog/20...eezes-are-here"
I wonder why people with terrible credit and loaded down with debt, never seem to have their identities stolen? LOL
Can you imagine stealing someones identity and then the debt collectors come after you?!
I dont really understand how they steal another identity in the first place...the person they steal it from would have to be very similar to the thief, such as age, race, where they were born, work history, etc. I once made a mistake on my SS number on some paperwork, and it set off checks left and right. I guess the thieves do very extensive research on their intended victims, to find one that will work for them?
If someone can present the same documents you did/would when buying a house and they appear legitimate, what more are they supposed to do?
A minimal amount of research, maybe. Photo perhaps. Contacting the person via phone, etc. So on and so forth. Hey, my bank has contacted me about such things before. At least they are trying.
Sorry, I will never accept that a victim is held responsible for someone else's crime. It simply isn't supposed to work that way. Now, mind you, I'm not addressing stupid people here that give away personal info and are gullible to scammers, so on. I'm talking about, for instance, some guy that has owned his home for thirty years, doesn't engage in online activities with home, finances, etc that are "high risk"... and then wakes up one day and finds out he no longer owns his home or suddenly has a mortgage. That should NEVER be put back on him. Someone, somewhere along the line in the corporate world was incompetent. THAT person or company should be held responsible for ALL cost to set it right.
We live in California. If someone buys a $ 2,000 television set in Florida using my name and credit card or check I must prove that it wasn't me.
It should be the other way around. The store should prove that I was there ( cameras) and provide copies of plane tickets, gas station, hotel, restaurant charges in the same town etc. This is a simple issue but we can't get it right, along with a whole bunch of others.
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