CADILLAC Some 9.9 million people had their identifies stolen last year, costing the US economy $53 billion in damages. In reponse, Pre-Paid Legal Services has begun offering insurance in Michigan to help victims of identify theft recoup those losses.
The 31-year old company had more than $450 million in sales last year. David Strange Sr., who represents Pre-Paid Legal in Michigan, predicts adding identify theft insurance will double the companys revenues this year alone. The potential market is vast.
We have one half of 1 percent of our members in Michigan, Strange said. We represent 2 percent of Americans nationally.
The biggest issue with identify theft is you are guilty until proven innocent, Strange said. Banks, credit card companies, creditors all freeze your assets until they figure out if you, or someone else, ran up the new charges. Strange said victims of identify theft can spend hundreds of hours and thousands of dollars getting their credit restored.
Putting some muscle behind Pre Paid Legal is Kroll Worldwide, one of the worlds foremost independent risk consulting companies. The company expects to announce revenues of more than $600 million for 2004, when the year-end report is released next week.
Together they sell a product called Identity Theft. In includes credit reports, continuous credit monitoring, and identity restoration, which provides up to $25,000 in insurance coverage to get your life back together again.
Together we are helping to protect people, who could be victimized by Identity Theft, Strange said. It is our hope to provide coverage to as many people as we can before they become pray.
For more information on Identity Theft, email Strange at [email protected]. Or telephone him at (231) 846-0821.
