Can Identity Theft Affect My Credit Rating?

The simple answer is YES! Even worse, it is with absolute certainty that your credit rating will be affected if you fall victim to Identity theft. The reason for this is simple. Identity theft is committed with the sole intend to obtain credit from a bank or lender for the purchase of goods of which the credit will never be repaid.

How Do I know that my identity had been stolen or misused?

The best known method is to obtain a copy of the records of your personal credit report held from the major credit reference agencies. At a glance, you can compare the information each credit reporting agency has on file about you to easily identify discrepancies, find bogus accounts that point to identity theft.

You can stop identity thieves in their tracks. A free credit report can also help you catch and stop an identity thief. Identity fraud is one of the fastest growing crimes in the world, striking more than over 2,000 people a day in the US alone.

If identity theft of your personal details had been committed, you will be able to see credit card accounts in your credit report which you never opened, bills sent to the wrong address. These are indicators that someone else is using and ruining your name and credit.

The definition of “Identity Theft” is the unauthorized use of someone’s personal data to obtain loans, automobiles, credit cards, products and services. “Personal data” includes your credit card numbers, name, address, driver’s license, telephone number or even your National Social Security number.

To keep tabs on your credit, you should request and obtain at least one free credit report annually to check over.

If you fall victim to an identity thief, you need to protect your credit rating and ensure that the thief’s actions do not damage your financial status any further.

You need to contact the major credit-reporting agencies and
• put a fraud alert on your account
• file a police report
• register a complaint with the FTC
• send out an ID Theft Affidavit to any business in which a fraudulent account was opened.

Do not fall victim to identity theft! Act now and obtain and check your personal credit file without delay. Better be safe than sorry!