Finances 101

One of the more time-consuming things a consumer may have to deal with is identity theft, which can not only hurt a credit score but also require hours to fix.

However, a recent report from Javelin Strategy & Research shows that dealing with identity theft did get a little easier last year. The average time it took to fix fraud ticked down to 21 hours, which is a 30 percent decline.

Along with decreasing the amount of time it takes to resolve identity theft, more consumers are also taking the proper steps to help authorities deal with the problem. Of new victims of identity theft, almost half file a report with a law enforcement agency.

Doing so has doubled the number of arrests tied to the crime along with triple the amount of prosecutions.

Though consumers have been more vigilant when it comes to identity theft, the report also shows that the crime has increased. Last year, 11.1 million people were victims of identity theft, which is an increase of 11 percent. Total fraud associated with the crime came in at $54 billion, or a 12 percent increase.

If a consumers suspects they may be the victim of identity theft, one of the first things they should do is contact their lending institution and law enforcement authorities. They may also consider employing a credit freeze.