Don’t Let Identity Theft Ruin Your Good Credit

Let’s face it: Identity Theft is one of the most serious and prevalent crimes committed against thousands of credit consumers today. In fact, a lot of individuals are searching for ways by which they can safeguard, not just their personal details, but also their financial and credit information.

Do you belong to the group of consumers described above? If you do then, the following tips can surely help you succeed in this endeavor:

identity theftCheck your report.

If you suspect to have been a victim of ID theft, you can request for free copies of your credit report from the three major credit reporting agencies–Equifax, Experian, or TransUnion. Upon receiving your report, carefully check each of your accounts. Send a letter to the bureau explaining the incident and point out the unauthorized charges in your account. Request the bureau to place a Fraud Alert on your file to prevent ID thieves from doing more damage to your credit.

File a complaint.

You must also file a complaint to your State Attorney General’s Office. Having a police report on the matter will help in proving your claims when you send a dispute letter to the credit bureaus.

Contact the creditor involved.

Don’t forget to alert the creditor involved about the matter. Tell them that someone else has been using your account without your consent and request the account to be locked.

Rebuild your credit.

Once all the disputes has been made and the credit bureaus has made the necessary corrections in your report, it is time for you to work on rebuilding your credit. If your old credit card account has been closed, you will need to open a new one. Use this opportunity to choose the right credit card that matches your needs.

Protect your identity.img-4

You may consider freezing your report after an attack by an ID theft. A credit report freeze will block any new inquiries from accessing your file. However, existing creditors will still be able to access your report. A credit freeze can cost $10 to $20 for each credit bureau. If you would like to apply for new credit, you will have to request the bureau to temporarily “thaw” or “unfreeze” your report to make it accessible to a potential creditor. You will have the option to decide how long you want your report to stay unfrozen.

Ask for help.

It is also a good idea to seek professional advice from an attorney to make sure that your identity will not be compromised again. Complete credit rehabilitation can take a few months to a few years, depending on how bad the damage has been made to your credit. The important thing is for you to take the right steps forward as you improve your credit one step at a time.

Maintain good credit.

As you heal the damage left by identity theft, you must also strive to keep your credit in good standing by paying your bills on time and avoiding new debts which could make repayment difficult.

 

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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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