A man in Murfreesboro recently phoned police to detail a fraudulent transaction that took place, after falling victim to identity theft.

The 53-year-old victim discovered his identity had been stolen 3-months ago, but is just now realizing the damage it has caused. Most recently, he was able to track down a $20,800 loan that was acquired in his name. The loan was approved by a company called Ready Capitol, according to a Murfreesboro Police report. Before the company could move forward with their own investigation into the loan, the victim had to file a new police report documenting his discovery.

Identity theft often takes months, if not years to correct. The theft can also delay a victim from getting approved for a car loan, a home mortgage, or even a loan to pay for college. In some cases, identity theft victims have been turned down completely for loans – even years after an arrest was made.

In identity theft, there are typically multiple victims tied to a single name. The actual victim whose identity is stolen; is not the only person impacted by the theft. Also hurt in identity theft are the companies that approve loans for the wrong people, believing a customer is indeed the person they are identifying themselves as; when in reality, the customer is fraudulently using someone else’s identity.  

Fraud cases involving identity theft cost American companies billions of dollars annually.

In this most recent identity theft that hit a Murfreesboro victim, an arrest has not been made. Detectives will need more details to get to the bottom of it.

Sources: MPD 22-0012499

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