How Identity Theft Can Affect Your Credit Report

Being a victim of identity theft isn’t something you would wish for. If you think that all they do is take advantage of your credit, then think again. These thieves will ruin everything about your report. Read on to find out how identity fraud can ruin your credit report and you. A thief can use your information, such as your name address and social security number. That person can use it for a new credit card or even a mortgage. It’s best to keep safe all of your information, even to your friends. Lenders will always check your credit report because they want to make sure that you’ll be able to pay them back. If a thief has messed up your information or your record, the lenders will see it and it will be very hard for you to prove to them that it wasn’t you who ruined it. If the lender sees your good credit score, he most probably will approve the loan. But what’s happening is that they are actually giving the thief the money and the loan. The thief may even ask the lender to send the bills to a different address so that you won’t find out about it soon. The thief won’t pay your bills. The main problem is you don’t receive any bills so you’ll be missing out on payments. The lender will alert the bureaus about it which will then reflect to your record. Since they have all your information, everything will go on your credit report including the delinquency notice. If you failed to repay a loan because of the thief’s doings, you’ll have trouble applying for a loan or a credit card. It’s most likely that your score has been affected too. Lenders will now see you as a risk. It’s either you’ll get rejected for the loan or, you get the loan but with a very high interest rate. Identity theft isn’t easy to deal with, but if you know what’s going on in your report you’ll be able to put a stop to it immediately. Don’t forget to check credit score and report regularly and be on the lookout for identity thieves or fishy transactions. Report any errors and be very careful with your information. Don’t let other people into such things easily. Protect what you have worked hard for to achieve.