CreditLock.com

In a recent online poll/survey published at www.CreditLock.com , visitors were asked whether they believe they will one day become a victim of Identity Theft. Respondents could choose between: A- Impossible, B- Highly Unlikely, C- Unlikely, D- Likely, E- Highly Possible and F- Definitely. As many as 17% said Definitely, 28% said Highly Likely, and 28% said Likely. In other words, 73% of respondents said it is Likely, Highly Likely or Definite, while only 24% of respondents said it was Impossible, Highly Unlikely or Unlikely.

Despite the fact that the survey/poll is informal, such findings are consistent with the fact that between 9 million and 15 million Americans (depending on survey) fall victims of Identity Theft every year. That implies at least a 3% likelihood of becoming an Identity Theft victim in a given year, and if such trend continues, a 60% likelihood of becoming an Identity Theft victim sometime in 30 years, a 78% likelihood of becoming an Identity Theft victim sometime in 50 years, and a 90% likelihood of becoming an Identity Theft victim sometime in 75 years. In other words, if current trends continue, becoming an Identity Theft victim is almost a certainty over one's lifespan.

Given such odds, as well as such consumer beliefs, it is somewhat odd that many consumers still have not utilized one of the most effective Identity Theft protection tools: Credit Freeze (also known as Credit Lock and Security Freeze). According to an article published by The Boston Globe on May 12, 2007, under the title: "Group says ID theft Victims seldom freeze Credit Reports," the Consumer Data Industry Association, a Washington trade group representing Credit Reporting companies, says that only 50,000 people have requested freezes.

Credit Freeze laws have been passed and have become effective in about half of the U.S. States. In the other states, Credit Freeze laws are yet to be passed or become effective. This could explain the slow adoption of such Identity Theft protection tool by individuals. A map showing availability of Credit Freeze on a state by state basis is available at http://www.creditlock.com/creditlockdownpro.html .

It is also possible that consumers are willing to incur the risk of becoming an Identity Theft victim in exchange for the flexibility of securing credit on demand. Many consumers may not be aware that a Credit Freeze can be removed on a temporary or permanent basis, and many states require Credit Reporting agencies to process such requests within 5 days. Some states require such removal request to be processed within 15 minutes.

It is also possible that consumers are still not very familiar with Credit Freeze. As such tool becomes known, and state laws evolve further, requiring Temporary Freeze removals to be processed in minutes instead of days, Credit Freeze could become the Identity Theft protection tool of choice. Even in its current form, waiting a few days for new credit application approval may not be as inconvenient as becoming an Identity Theft victim.