Identity theft isn’t just limited to Social Media accounts. Scammers are now using personal data such as Social Security Number and credit card details to hack into your system and take out loans in your name.
Identity theft is becoming increasingly common. If you’ve fallen victim to this dubious activity, follow this to-do list to restore your financial image.
Document the Theft
The first thing you need to do is to document the theft. You can report to the Federal Trade Commission about the scam. The FTC allows identity theft victims to file an FTC identity theft report at their website.
This documentation lets your lenders know that you’ve indeed been a victim of this crime.
Work with Credit Bureaus
Consumer credit bureaus are responsible for drafting your credit report, and, naturally, you should reach out to them. Contact the credit bureau you work with and notify them of the theft by producing the FTC theft report and personal identification.
Request these bureaus to remove the inaccuracies associated with your credit profile and put a fraud alert on your credit report. This step can help you restore your credit score to some extent.
Freeze your Credit
It’s recommended to freeze your credit accounts to stop thieves from doing any more damage to your financial reputation. With a frozen credit, the scammers cannot open new credit lines, and your credit score isn’t affected by it.
Secure your existing accounts
Using the same password for your credit, bank, and social media accounts is a recipe for disaster!
Security experts suggest that you use different passwords for all of your credit accounts to ensure better security. If your data has been breached, then it’s ideal that you set up new passwords and authentication steps for each account.
Securing your existing accounts will prevent thieves from hacking into your system and misusing your credit.
Communicate with Lenders and Creditors
Creditors and lenders might not be aware of identity theft, which is why they keep sending debt collectors to your door!
Once you’ve obtained an FTC approved Identity theft report, communicate it to all your creditors. The creditors will then know not to convey this inaccurate information to your credit bureau and prevent your credit score from plunging any further.
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