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Working Paper
Financial Consequences of Identity Theft
We examine how a negative shock from identity theft affects consumer credit market behavior.We show that the immediate effects of fraud on credit files are typically negative, small, andtransitory. After those immediate effects fade, identity theft victims experience persistentincreases in credit scores and declines in reported delinquencies, with a significant proportion ofaffected consumers transitioning from subprime-to-prime credit scores. Those consumers takeadvantage of their improved creditworthiness to obtain additional credit, including auto loansand mortgages. Despite having larger ...