How to Improve Credit Score after an Identity Theft
It’s no secret, everywhere you look, and we talk about the dangers and the growing volume of identity theft.
Fortunately, you can improve your credit score after being a victim of this horrific crime.
Unfortunately, this crime is far too common.
Maybe when your server slipped your credit card, the card thief also kept the number for his personal use.
Or maybe the thieves lifted your information when you used your credit card at the gas pump, or they simply intercepted your mail and are now living in the full bloom thanks to your reputation.
These kind of scenarios are too numerous to be taken into account, but the devastation can have an impact for the years to come.
If you have been victimized, you must not only limit the immediate financial impact but also improve your credit score without any fault on your part.
Credit reporting agencies and creditors will not know that you are a victim and will report all thief activity on your credit report unless you are proactive and take steps to improve the calculation of your credit score by eliminating this negative information.
Although the time and effort spent on this process can be tedious for most people, you are fortunate to have the help of professionals to help you work with the offices to solve the problem and improve your credit score.
We will now describe some of the steps you need to take on How to Improve Credit Score after an Identity Theft.
1. Order a Copy of Your Credit Report from the 3 Offices
The first thing to do is to determine how much damage has been done.
In most cases, the element that informed you of the problem is not the only instance of the problem.
Thieves have probably used your identity to gain credit from multiple creditors, increase balances and let you suffer the impact.
After getting a copy of your 3-in-1 report, read through each account, noting which accounts are legitimate and which are fraudulent.
These fraudulent accounts will have a negative impact on your credit score and knowing which one will guide you in your efforts to improve your credit score.
2. File a Police Report
The next thing you need to do is file a police report.
This will become very important when you work to improve your credit score.
As the problem has become so prevalent, today you can call your local police department and file the report over the phone.
Make sure to get the report number from them as you will need it to deal with different creditors and credit reporting agencies.
3. Contact the Financial Institutions You Discovered in Step 1
Now that you have the list of the creditors in Step 1, you must start contacting them so that they do not start trying to recover this fraudulent debt from you.
Although you may want to call creditors directly, you also want to follow everything in writing by certified mail.
In your letter, you must only be brief and kind, stating that you have been the victim of identity theft, that you have filed a police report on the case, that you think is based on your review of your record credit (or the fact that they contacted you directly) and that you are not responsible for the debt in question.
Do not forget to also send a copy of the police report with this letter.
4. Improving your Credit Score at Offices
The longest and most difficult part of the process is to contact the three major credit reporting agencies, Equifax, TransUnion, and Experian, and ensure that the damaging information caused by identity theft is removed from your credit report.
You may wish to check out this video talking about the Key Differences Between Equifax, TransUnion, and Experian Credit Reports by AsktheMoneyCoach.com –
Because offices process billion of entries each month, it’s important to make sure you are following all the best and most effective practices that remove this information.
Unfortunately, while this issue should be open and resolved, this is not often the case and requires real research and knowledge to ensure that these errors are eliminated quickly.
In many cases, using a professional may be the easiest and most effective way to remove this information.
The sad truth is that identity theft is likely to affect us individually or with one of our relatives.
However, knowing what steps to take as a result of these serious crimes will allow you to recover quickly and improve your credit score.
Hope this helps,
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You may also wish to check out my previous article post about Definitive 3 Simple Strategies to Get Out of Debt this 2019!