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Businessweek Story on Medical Identity Theft

Posted on Jan 2, 2007 by Tom Fragala

BusinessWeek has a story on medical identity theft that is worth a read. Here’s one key point that is raised.

While the Fair Credit Reporting Act gives victims of financial identity theft the right to see and try to correct any mistakes in their credit records, critics say that victims of medical ID theft don't have the same recourse. Health privacy laws "are limited and don't reflect the possibility of medical ID theft," notes Robert Gellman, a leading privacy consultant in Washington.

And if you think medical ID theft is a mere trifle, read this quote excerpt about victim who explains its vast implications:

Take the case of Joe Ryan…the 60-year-old owner of a Colorado sightseeing business. When Ryan tried to correct his records, he discovered how difficult it can be for victims to clear their names. Ryan says he hasn't been able to completely erase the supposedly unpaid debt from his credit record. With his credit ruined, Ryan says he has had to pay a stiff interest rate—six points over the prime rate—when he refinanced his plane, and his insurance company has jacked up his premium. "I'm just screwed because I'm going to lose my airplane, my business, and my credit rating."