It is a person worse nightmare. That some criminal would steal ones identity the damage they do to ones reputation and credit profile can be nearly impossible to recover unscathed from. The FTC has come up with a plan which will be implemented by May 23rd. The biggest development is the creation of a single form that a Identity theft victim would fill to absolve the consumer of all liabilities.
I hope this is true, it would be welcome relief to thousands of consumers. [Internet News]
Still a bad thing, but the whole one form idea sounds like it could help the process be that much easier.