This paper documents the extent of identity theft fraud and victimization costs. We find that between 2010 and 2022, over 26 million borrowers reported being victims. An average victim flagged two accounts on which they owed \$28,278. Victims, on average, take three years to detect fraud, which acts as the main friction driving long-run costs. Victims face reduced credit access, increased financial distress, and six-month delay in homeownership compared with non-victims. Delayed detection and credit demand shocks drive these costs. Low-income borrowers are more likely to become victims and incur higher costs, exacerbating credit access gaps over the income distribution.