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Nov 25

What to do when it happens identity theft

 When you review your credit report, you may notice that there is a false note. Sometimes, these errors are caused by mistakes made at the credit bureaus, but they could be the result of identity theft.
In both cases, these errors can damage your credit score. If you believe you may have become a victim of identity theft, you should take immediate action to mitigate the damage:

Contact the major credit agency services.
You will want to talk to the fraud department and explain to them that you have become a victim of identity theft. Requests that the “warning” placed on your file. Every time a lender does not look at your file, it may be an indication that an identity thief trying to open new accounts in your name.
When lenders see a sign on your file, they will likely deny the thieves credit. In most cases the criminals will stop trying to use your identity after too many failed attempts. Most alerts on your file last 90 to 180 days. However, if the identity thief is very persistent, you can extend this period to several years by asking the credit agencies for an extension of the “fraud alert” in writing.

In some countries, you can request your credit report and credit to be frozen. This means your credit report and can be accessed by your existing creditors alone.
If you have been a victim of identity theft, you are entitled to a free copy of your credit report. Be sure to take advantage of this offer so that you can check how your credit has been affected.

Call the police.
Because identity theft is a crime, you need to file a police report so that you can help the police potentially catch the criminals responsible. Contacting the police will also provide a paper trail and proof that a crime has been committed. This will make it easier to repair your credit if identity thieves have broken it.

Notify your creditors.
You should contact your creditor or creditors that the identity thieves opened an account with as soon as possible. Explain your problem to their security department. Most likely, you have to close your account, or at least get your passwords changed to protect yourself.

You will not be responsible for any costs incurred by the identity thief as long as it can prove that you are a victim. This can be tricky and you may need some time to work with the police and security Dept creditors for a solution.
Meanwhile, your credit score will probably swim, but it’s better than paying back a large amount of debt that you are not responsible.