You are more likely to notice problems and inconsistencies if you check your credit score on a regular basis – at least once a year and preferably three times a year. You should check your credit rating with each of the indiviual three credit bureaus, too. Immediately reporting anything odd or anything you do not recognize, such as a charge account you did not open, is vitally important.
Perhaps these mistakes resulted from errors by the credit bureau but the can also indicate that someone may be using your identity. Either case could hurt your credit score. You will improve your credit score by fixing such errors.
If you think you have been the victim of identity theft, take action at once:
1) Contact the three major credit bureaus and ask to speak to the fraud department. Explain that you have been the victim of identity theft (or believe you may have been) and ask that an “alert” be placed on your file. This lets anyone know you have been a victim of fraud as soon as they look at your report. It will also mean that you will be alerted any time a lender asks to look at your file – each time a lender does look at your file, it may be an indication that the identity thieves are trying to open a new account in your name.
The thieves will usually stop trying to access your identity when the lender sees that it is not you applying and they deny the thieves credit. By asking for an extension of the fraud allert in writing you can get the alert on your file extended from 90 - 180 to several years.
In some states, you can even ask for a freeze to be placed on your credit score and credit report which will prevent anyone but yourself and those creditors you already have from accessing your file. The thieves will be refused access by the lenders and they will now be able to get any more money in your name.
You are entitled to check your credit and get a free copy of your credit report if you have been the victim of identity theft.You will want to take advantage of this offer to check exactly how your credit has been affected. If the item is not yours be sure to dispute it.
2) You should contact the FTC at 1-877-438-4338. This is the special hot line that the FTC has set up to help customers deal with fraud and identity theft. You can access current information about all of your rights as well as get advice on how to improve your credit score and keep it safe in the future.
3) Contact the police. File and keep a copy of a police report showing the identity theft and this information may be helpful to the police to identify the criminals responsible. By contacting the police a paper trail is created that will be proof you were the victim of a crime. Keeping a paper trail of the crime and your response will make it easier for you to repair your credit if it has been damaged by identity thieves.
4) Make sure to let your creditors know that identity thieves are opening accounts in your name and to be extra careful. Be sure to ask for the security department and then explain the predicament you are in. To protect yourself at the very least change passwords and perhaps close accounts as needed.
It is advisable to fill out a fraud affidavit stating that a crime has been committed and make sure that you save a copy for your records. Lenders usually have a security department that can give you advice about what you can do. Recording the steps you took to deal with the crime is a necessity as well as good records of who you spoke with and when you spoke to them.
It is often tricky proving you are a victim of identity theft because the thieves are using your actual information. If you have been a victim you will ultimately not be responsible for charges made in your name that were placed by the thieves.. Be sure to check your credit report regularly.
You will want to avoid paying for charges you did not make but it is frustrating because the lenders still want to be paid. Being persistent and keeping good proof that you have been the victim of a crime will help to clear your credit score. In the meantime, however, you will be faced with a much lower credit rating than you deserve and you may have to put off larger purchases that may require a loan.
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