Identity Theft and its Impact on Credit Score?


There’s a lot of data available on how to deal with identity theft. However, some out of it are useful, a few of the options are unrealistic, and some are truly ridiculous. The following are a few indispensable and easy-to-do, steps. The below-mentioned steps are MUST-DOs if one wishes to reduce the effect of identity theft on your credit score.

  1. Be very careful about your printed financial documents at home.
    This sounds like a no-brain tip, right? Nonetheless, the fact remains that a number of times identity thieves are either relatives or friends of the victim who easily get their personal information offline. Keep your social security information, check books, billing information, etc. very careful so that you do not face hardship in the future.
  2. Review your bank statements periodically.
    Ensure that you review your bank statements electronically at least twice a month. This will help you identify fraud quickly in case it is happening. Catching a fraud at an early stage will result in less damage. Apart from this, one will not have to spend time and money rectifying the same in case an error occurs.
  3. Carefully study your credit report.
    While you go through your report ensure that you know all the account information that is listed in the same. In case, you find something which you feel is suspicious, get to the bottom of it and rectify the same, as soon as possible. Considering electronic statements, checking credit reports and credit score is certainly the best sure-fire ways to identify fraud and correct the same immediately.
  4. Secure your home computer.
    This may sound like a petty point, but by doing so huge thefts can be minimised. Buy anti-virus protection software and install a firewall and in case you dispose of your PC, then ensure all the data is removed with the help of “wipe” utility program
  5. Smart choice of passwords.
    When choosing passwords keep this in mind that a number of people are aware of your personal information. Avoid using the same password for all your accounts. It is wise not to use birth dates, names, middle name, pets names, etc. as passwords because such passwords are not strong enough to provide the required protection. If you are bad at memorising a hard-to-guess password, then hide them so that you can refer whenever needed and also keeps your account safe. This involves a little trouble, but it is any day better than having your identity stolen.
  6. Subscribe to a service that will review your credit reports on a regular basis.
    By monitoring your report on a regular basis, one can keep track of any malfunction of theft. Hence it is wise to hire the services of a credit rectification company who will do so for their clients for a minimum amount.

The best of the credit rectification companies have their websites online. Browse the net for more information on the same and hire the service of the one who offers quality service at competitive rates.

Updated: December 1, 2016 — 2:52 pm

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