3 Helpful Credit Repair Tips after Identity Theft
If you are victim of identity theft, you know that your credit score can be jeopardized. A cybercriminal can easily run up your credit card debt or take out loans in your name and not make any payments, which can send your credit score spiraling downward. Fortunately, you can take steps to rebuild your credit after identity theft. Along with filing a police report, here are a few!
Contact Credit Bureaus
If you have noticed suspicious activity, contact one of the three national credit bureaus to place a fraud alert on your account. Reach out to Equifax, Experian or TransUnion. Once you reach out to one bureau, it is then require to notify the other two so alerts are placed on all three of your credit reports. These alerts will remain on your report for 90 days.
Freeze your Credit
You should also have the above three credit bureaus freeze your credit to prevent lenders or creditors from accessing your account. A credit freeze can help to protect you against further fraudulent activity. You do need to eventually lift the freeze, at least temporarily, to apply for new credit or loans.
Close Fraudulent Accounts
You need to contact any credit card or loan accounts that have been compromised to close them. Your issuer can then provide you with a new account number. If you quickly report fraudulent purchases, your bank will not hold you responsible for the charges.
If your identity was used to open new credit card or loan accounts, reach out to the corresponding financial institutions immediately to shut down those accounts so you can stop financial damage to your name as quickly as possible.
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