Identity Fraud Reimbursement Program

AAA

DEFINITION of 'Identity Fraud Reimbursement Program'

A financial product that offers reimbursment for the costs associated with having been a victim of identity theft. These costs may include getting affidavits notarized for police and financial institutions, postage for sending certified mail to police and financial institutions, lost earnings resulting from time spent recovering one's identity, and legal fees.

INVESTOPEDIA EXPLAINS 'Identity Fraud Reimbursement Program'

In addition to providing monetary compensation, these programs often provide a wealth of information to victims on the steps they need to take to resolve the matter and clear up their credit reports. These programs tend to provide reimbursement ranging from $10,000 to $25,000 and can usually be purchased individually for around $25 to $50 annually. They may also be offered as an employee benefit or as an add-on product to other types of insurance. Some homeowners' insurance companies include this protection in their standard policies.

RELATED TERMS
  1. Bait Record

    An internal control used in accounting to detect fraud and improper ...
  2. Warning Bulletin

    A listing compiled on a weekly basis of credit cards that have ...
  3. Credit Repair

    Credit repair is the process of fixing a bad credit report, for ...
  4. Notary

    Also called a "notary public," this state-appointed official ...
  5. Phishing

    A method of identity theft carried out through the creation of ...
  6. Identity Theft

    The crime of obtaining the personal or financial information ...
Related Articles
  1. Insurance

    Credit Scams To Watch Out For

    More than 30 million people were victims of fraud in 2007. Will you be next?
  2. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  3. Credit & Loans

    Should You Close Your Credit Card?

    Find out the consequences before deciding to end your credit agreement.
  4. Credit & Loans

    Identity Theft: Who To Call For Help

    If your identity is stolen, it's critical to act fast. Find out what to do if it happens.
  5. Options & Futures

    Shopping Online: Convenience, Bargains And A Few Scams

    Shopping from the comfort of your couch has major benefits - and some unpleasant side effects.
  6. Credit & Loans

    Best Credit Cards For 2015

    The best credit card for you depends on your financial goals. Our choices for the best cards in 4 different categories.
  7. Credit & Loans

    How Bad Is My Credit Score?

    You've seen the number, but what does it mean? Here's how to assess your credit score and get to a better place if needed.
  8. Credit & Loans

    Credit Card Review: The Target REDCard

    Target's credit cards provide direct discounts, charge no fees, and give a surprising education bonus to local schools. But there's a high APR.
  9. Budgeting

    Are You Spending Too Much?

    Post-holiday credit card bills are just one signal that it's time to cut back on spending. Here are others.
  10. Personal Finance

    Understanding Credit

    Credit has three common meanings in the financial world.

You May Also Like

Hot Definitions
  1. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  2. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  3. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  4. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  5. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  6. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
Trading Center