Can identity theft affect your credit score
One of the chief reasons an identity thieves can be so detrimental to a person's life is due to the fact that it does affect their credit score. Identity thieves steal individuals identities for one main reason, and that reason is money. Sure there are identity thieves who have various other reasons for doing it, money is the most common reason an individual becomes an identity thief.
What happens is, an identity thief gathers information about your life, and either uses your information to obtain new credit cards and or they actually use the credit card numbers that you already have. Either way, these identity thieves then spend as much money as they can until you figure out what they are doing, and cancel the credit cards. Identity thieves can rack up thousands upon thousands of dollars in debt, in your name, making you the responsible party.
Though you can dispute debts that are not yours, many times the credit cards companies and law enforcement have to investigate the situation, which can take years to resolve. In the meantime, the credit card companies are charging you interest and asking that you continue to pay these debts that you did not acquire. Many times an individual has no clue that they have been a victim of identity theft until they view their credit report, which in some cases could be years.
Credit reporting agencies are not going to take your word for it that the debts are not yours, they are going to do their own investigation, which again takes time. Individuals should check their credit reports at least once a year, and they can do this for free, at AnnualCreditReport.com. Do not be afraid to report inaccuracies on your credit reports, because it is your credit, and you should protect it as best you can.
What happens is, an identity thief gathers information about your life, and either uses your information to obtain new credit cards and or they actually use the credit card numbers that you already have. Either way, these identity thieves then spend as much money as they can until you figure out what they are doing, and cancel the credit cards. Identity thieves can rack up thousands upon thousands of dollars in debt, in your name, making you the responsible party.
Though you can dispute debts that are not yours, many times the credit cards companies and law enforcement have to investigate the situation, which can take years to resolve. In the meantime, the credit card companies are charging you interest and asking that you continue to pay these debts that you did not acquire. Many times an individual has no clue that they have been a victim of identity theft until they view their credit report, which in some cases could be years.
Credit reporting agencies are not going to take your word for it that the debts are not yours, they are going to do their own investigation, which again takes time. Individuals should check their credit reports at least once a year, and they can do this for free, at AnnualCreditReport.com. Do not be afraid to report inaccuracies on your credit reports, because it is your credit, and you should protect it as best you can.
