Sep 27, 2013 Dave King
College students generally worry about exams and studying, but it appears as though identity theft needs to also be a concern. Becoming a victim of this crime does significant damage to a consumer credit score, which is why extreme preventive measures need to be taken.
A recent report from the Better Business Bureau revealed 20 percent of all identity theft occurs on college campuses, and people responsible are often roommates and friends of victims.
"Its your roommate," John A. Logan Cyber Crimes teacher Mark Rogers told WSIL-TV. "It's your roommates friend. It's somebody you play basketball with. It's somebody you play tennis with. It's somebody you go to the bar with."
While there may be limited long term effects on a credit score, Barry Paperno, community manager for Credit.com said people can lose more than 100 points in the immediate aftermath.
With identity theft occurring nearly every day, financial institutions - such as short term lenders - need to install strong ID verification procedures to ensure those applying for loans aren't using false identities.