Interesting story, Karen.
Here is our (my) story in a nutshell:
I received a phone call from a police officer in Bellevue, Washington who had arrested an individual (MLS) in a routine traffic stop, who had a ton of my personal financial information in his possession. The information was paper copy of a loan application with everything on it.
We had recently applied for a commercial loan with a lender AMCC) and had furnished mucho information to obtain financing. Apparently, he had obtained it from the mortgage originator. I contacted the mortgage originator and advised him he might have a leaky ship when it comes to his internal controls.
The individual had opened new charge accounts in my name, charged purchased on my main Master Card, &c. It is interesting to note that in order to get access to my Master Card account, he had to have found out the typical mothers maiden name. There must be a way through public records, of finding out this information. If anyone knows about this, please advise.
Several thousand dollars of charges were made by MLS, which I didn’t make payments for. The Master Card people had to eat. On the other cards opened fraudulently by MLS in my name. I contacted and advised they were not opened by me. Some of them were shut down. On subsequent credit reports, some of them still showed up as still existing, but no activity. In any event, after several years, my credit was still in the high 700’s, so I don’t think I suffered any harm.
My wife took out credit identity theft insurance through one bank we do business with. I told her I thought this was a waste of money, in that, all they will pay you for is your “cost” to get your business re-righted. That cost is, mainly, time. I don’t think those policies pay you for your time. If anyone has feedback here, please advise.
Karen Lodrick, question: it was unclear from the IBD article whether the bank ate your loss, or whether you did? IMO, it was they, not you, who slipped up in their fiduciary duty. What was your total dollar loss (if any) other than headaches and wasted time? Please advise.
The Bellevue police department contacted me several times, and wanted to know if I wanted to press charges. I said “yes”. All of this happened in 2004. I never heard any outcome to any action taken against MLS.
Any questions or comments welcome.