In 2019, 14.4 million consumers became victims of identity fraud. Due to advances in technology and the availability of an online marketplace, criminals have found new methods and techniques to impersonate people’s identity and carry out fraudulent transactions. It can potentially ruin people’s financial life and affect their credit scores.
Did you become a victim of identity theft? We’re sorry to hear that. The only option we have right now is to work on fixing the problem and get your life back on track.
Here’s a brief guide to rebuilding your credit after identity theft:
Contact the credit bureaus
You should contact one of the three national credit bureaus to report the fraud. You can report to Experian, Equifax, or TransUnion, and they’ll alert the other ones on your behalf. In the next 90 days, creditors and lenders will verify every request to make it difficult for scammers to misuse your identity and carry out any fraudulent activity.
Report the creditors
You must contact the banks to close all compromised credit cards and loan accounts. You must report all fraudulent transactions in your statement. If you report on time, banks will not hold you liable for the falsified charges. Your creditor will close all the accounts and deactivate credit cards. You will get new accounts and credit cards issued by your bank.
Check your credit reports
Moving forward, make a habit of regularly checking your credit reports, including bank account and credit card statements. You’ll also receive free reports from credit bureaus after reporting identity theft crime, giving you an opportunity to go over the report and find out mistakes and errors harming your credit score.
Important tips to follow
- Safeguard your Social Security number and financial information.
- Enable two-factor authentication for bank login and credit card transactions.
- Change all the passwords. Use strong passwords that are hard to guess.
- Sign up to receive text alerts every time a transaction is carried out with your account.
- Avoid using a public network to carry out financial transactions.
Hire a credit repair specialist
Starting over after becoming a victim of identity theft can be overwhelming. Hire a professional credit repair consultant to get your life back on track. They will help you find errors and fraudulent charges, open disputes, and take appropriate steps to improve your credit score and financial standing over time.
Oak Credit Repair is a reputable credit repair agency that offers reliable and affordable credit repair services and solutions. Based in Michigan, the company provide professional consultancy services to identity victims to rebuild their credit score. Call (484) 238-1225 to get in touch or visit their website to find out more about their services.