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Banks are liable. If a fraudster steals someone identity and setups a bunch of credit cards and/or loans, the bank eats the loss. This is protected in contra
by adrr 8y ago
Banks are liable. If a fraudster steals someone identity and setups a bunch of credit cards and/or loans, the bank eats the loss. This is protected in contract law because the bank doesn’t have a valid contract with the victim.
- kgwxd 8y agoAre they held liable for the pain and suffering that ensues? Are they forced to fix the persons credit score? They need to be punished for it, not just eat the loss. They make up the loss by charging insane interest rates, late fees and service fees. There should be jail time and personal responsibility.
- adrr 8y agoIf you want pain and suffering. Have someone steal your identity when they get arrested. I have had my identity stolen, I just disputed accounts on my credit report. It took me about an hour. The 3 credit cards companies and two cell companies lost about $25k total. If debt collectors call, tell them to prove the debt which they can't do so they go away.