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Business Fights Back

Business often is accused of not doing enough to reduce or stop identity theft. Some people believe businesses consider it a cost of business that businesses just pass on to their customers. However, The Financial Services Roundtable, an organization of 100 of the largest financial service companies from banking to insurance to investments has created a pilot project called the Identity Theft Assistance Center to help combat identity theft. Victims of identity theft can make a single telephone to their local bank that takes over from there and brings the Identity Theft Assistance Center into action. The Identity Theft Assistance Center contacts the identity theft victim and coordinates the drafting of an identity theft affidavit to be provided to law enforcement agencies, credit card companies, the credit reporting bureaus, and other companies with which the victim does business. The Identity Theft Assistance Center also maintains a secure database of the names of identity theft victims. The database is available to financial institutions receiving credit or loan applications so that they can easily determine whether the name of the person requesting a loan or credit is the same as someone who has been reported as being the victim of identity theft.


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