How to Restore your Credit after Identity Theft
 
How to Restore your Credit after Identity Theft

Identity theft can be a terrible thing and when left unnoticed or unreported can ruin your credit and borrowing power for the long term. Though identity theft can cause major problems with your credit and drop your credit score dramatically, there are ways to work to recover from identity theft and restore your credit to what it once was. One of the first things to remember is the quicker identity theft is reported the easier it is to remove from your credit. Regardless, of whether you reported quickly or were too embarrassed to come forward, you need to contact your credit accounts, the agencies that house your personal information and the police to make a complaint and start the process to recovery.

The first step is to try and find out the extent of the damage caused and you can start with that by ordering and printing your current credit reports from all three agencies. You then need to sit down and go over them with a fine-toothed comb and highlight anything that you don't remember, is completely incorrect or you are unsure of. Then take the time to contact the creditors listed for those accounts in question and get as much information about the accounts or incorrect purchases made on the account. They should send you hard copies in the mail and this will become part of the dispute and evidence folder you are going to build. Do this with all affected accounts, creditors and agencies, gathering as much information as possible with each one. Once you have done that, make two or three copies of all the evidence you have. You will want to file a copy of everything with your police report, plus keep your own copies when it comes time to turn everything in for dispute.

Many companies now allow you to call and report theft on the account and will freeze the transactions while you and they investigate the situation. This can stop the debt from incurring in the first place and falling into a default status while you are trying to take care of the situation. Take advantage of this feature on any affected accounts that have them.

At the end of each of your credit reports are the instructions for how to file a dispute through that particular credit reporting agency. Make sure you read it over a couple of times and understand it completely. This can be the difference between a successful dispute and one that gets tossed in the trash. You must follow the guidelines completely and understand there is a waiting period where the creditors get to investigate and respond to the items you are disputing.

Regardless of the level of identity theft that has occurred there are ways to bounce back and preserve your credit for future borrowing and good credit standing. Your credit score will take longer to bounce back than the information on the credit report this is because it is not updated as often. Always keep track of all your accounts and what their current status is. Also, keep all important papers in a fire-proof safe and the originals in a safe-deposit box with a bank you can trust. With a little diligence and some hard work you can bounce back from identity theft and protect yourself against being a victim in the future while still maintaining a good credit rating and fulfilling your financial dreams.

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Articles
Choosing and Creating Good Accounts to Boost Your Credit

Credit Counseling: Work with a Professional to Pay off Your Medical Bills

Credit Clean Up: Dispute Incorrect Information from your Credit Report

Credit Clean Up: Make a Plan for the Future

Credit Clean Up: Paying Off Debt

Credit Counseling: Find a Positive Way to Handle Student Loan Debt

Credit Counseling: Helping You Navigate Through Your Credit Card Debt

Debt Consolidation: How You Can Find Relief From Medical Debt

Debt Consolidation: Save Your Credit While Getting Rid of Student Loan Debt

Debt Consolidation to Raise Your Credit Score

Debt Negotiation: Cut Your School Loans in Half or More

Debt Negotiation: Negotiate Away Your Medical Debt

Debt Negotiation: Talk Down Your Credit Card Debt

How Does Identity Theft Affect My Credit?

How to Build Good Credit Right from the Start

How to Handle Your First Credit Card

How to Prevent Identity Theft from Happening to You

How to Restore your Credit after Identity Theft

How to Spot a Credit Repair Scam

Planning for a Credit-Worthy Future

The Basics of Credit Clean Up

Understanding Your Credit Report and Score

Use Debt Consolidation to Raise Your Credit Score

What is Credit and How Does it Work?

 

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This site is a common sense guide to How to Restore your Credit after Identity Theft. In practical advice websites, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly.

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