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Credit and Identity Theft

In 2001, there were approximately 500,000 identity theft victims; that's people who actually filed a police report. It cost banks and credit-card companies about $5 billion because they ultimately pick up the tab.

But the consumer doesn't get away scot-free. The average victims will spend $1,374 and 175 hours cleaning up their credit reports. That's a great deal of time and money out of their own pockets.

 

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