Jul 08, 2013 Dave King
Identity theft has become a major issue in the United States, as criminals are increasingly targeting consumers.
One of the first defenses against this type of crime should be short term lenders, as these financial institutions can field loan applications from identity thieves using false identities. ID verification procedures need to be in top shape to help prevent identity theft.
Consumers and business owners looking to reduce their risk of identity theft can shred their old documents, and the Palm Beach Kennel Club in Florida recently held an event so residents could dispose of financial documents and bank statements, according to WPTV.
Preventing identity theft is important for consumers as it can have a major impact on their credit scores. Barry Paperno, community manager for Credit.com, said this crime can often lead to a more than 100 point drop in consumer credit scores.
Luckily, consumers who had their scores damaged still have available options for financial assistance until the situation is amended. Short term lending typically doesn't' require a stellar credit score, as these financial institutions often use alternative credit solutions to approve applications.