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Check your credit score once a year at least. Three times a year is much better
because you want to pick up a problem as soon as you can so you can report it to
the bureaus. Also
insure
that you check your rating with each credit reference agency as well. If there
are any discrepancies investigate them immediately.
Occasionally
some errors are caused by mistaking made by the credit bureau or the errors
could be an indication of identity theft. Either occurrence can affect your
credit score and should be dealt with immediately.
If
you think you have been the victim of identity theft take the following steps
1.
Contact the three major credit bureaus and speak to the fraud department and
request an alert to be placed on your file. This will ensure that anyone viewing
your file will be aware that there has been a case if identity theft.
You
will also be informed if someone is viewing your status. Most alerts last for
between 90 to 180 days but this period can be extended can be extended by
yourself if you apply in writing.
If
a lender is approached when the alert is active they will deny the person
applying for credit which normally results in them ceasing to use your identity.
You can request a freeze to be implemented on your score and reports which will
only allow you and your current creditors from accessing your file. Any lenders
that are approached by the thieves will be denied access to any information and
therefore can borrow any funds in your name.
If
you have been the victim of identity theft then you will receive a free copy of
your credit report. Analyse this report to see how your credit has been affected
and if all the entries actually apply to yourself. You can dispute any items
that are not yours and try to regain some of the lost money.
2.
Call the Federal Trade Commission (FTC) at 1-877-438-4338. This is the special
hotline that the FTC has set up to help credit customers deal with fraud and
identity theft. You will be able to get up-to-date information about your rights
and advice as to what you can do to improve your credit score and keep in safe
in the future.
3.
Identity theft is a crime and as such should be reported to the police. You will
need to complete a police report and it is advisable to keep a copy of it.
Reporting the crime will also begin a paper trail and provide proof that the
crime has been committed. Keeping the paper trail and your responses will make
it easier for you to repair the damaged done to your credit rating by the
thieves.
4.
Contact your creditors and any creditors that the thieves have opened accounts
with and request to speak to the security department. Explain the situation and
take any action you may need to in order to protect your accounts. This may
include account closure or changing your current passwords.
The
security department may request that you complete a fraud affidavit that states
that a crime has been committed against yourself. Keep a copy of this form and
make a note of the staff dealing with your case and the action that has taken
place.
If
you fail to contact your creditors and have been left deeply indebted although
you will not be responsible for the charges, it will down to yourself to prove
you have been a victim of identity theft and that it was not you that opened the
accounts.
This is not an enviable situation as the thieves would have been acting under
your name and details. The lenders involved will want to be paid as much as you
don’t to pay for something that you haven’t had.
Be persistent and provide as much proof as possible that you are the victim of
identity theft. Your credit score will be affected until this matter is being
resolved.
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