Quote:
editedOriginally posted by osidak
Things are not black and white. I personally resent having to spend time correcting issues that I did not cause. While I maybe able to restore my credit if someone went full blown id theft on me why should I have too.
That is the big deal.
I ask you to record your personal info in a non secure manner and let some one that is smart enough to find it have fun with your credit. Report back to us in 2 years.
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I'm not doubting the troubles illustrated in your two scenarios; I've experienced both. In my case, the hit and run driver was known by the police, yet my uninsured driver coverage paid. I had no (standing, harm, whatever the lawyers call it) to sue, since I was "made whole" by insurance. It was then their call.
Regarding credit cards, Federal Reserve Reg Z gives credit card holders great protection in disputing charges. Institutions tout this as if it were their benevolent decision, but it's required by law. If it weren't for this and other Fed regulations the contracts would be a free for all. As it stands now, lending terms are spelled out; although it takes work to find some items. Lenders use fairly standardized forms, especially in non-commercial real estate.
I had a $700 erroneous charge on a card a few years back. The issuing bank wanted me to file an affidavit and a police report. I asked them where in the contract this was required. I reminded them that they advanced money in the form of credit without verifiying identity. I faxed them a statement and that's it. There's this prevailing belief that anything with our name on it is our responsiblity. So, if I throw a brick through someone's window with your name on it, it's your responsibilty. It's not your responsibilty to ensure that everyone else is made whole just because your name is involved.
The U.S. Government will step in on identity theft. The private sector (financial inst. and credit bureaus) wont do it unless their costs become significant.