Originally Posted by
Rommie2k6
I've always wondered about this, but let me offer a different perspective.
What is the point of reporting the identity theft compromise to the credit bureaus and the police? Will it help you get your money back, assuming you lost anything of value to begin with?
Also, with a fraud alert won't that reduce the chance of auto-approvals and/or make recon calls more difficult?
Fraud alert and police reports are more for prospective loss than incurred loss. I agree it's hard to get your money back, but does that mean you don't want to stop the bleeding?
Reducing the chance of auto-approval is a small price to pay (likely a phone call or two after the application) for the peace of mind that criminals will likely be deterred as well, imo.