Identity Theft Has Devastating Effects on Credit
In today’s world, it is easier than ever for hackers and thieves to assume your identity. In fact, all it takes is a lost wallet or someone memorizing your credit card number in line behind you at the bank or using a cell phone to take a photo of a check while you are paying for your groceries. Using the data found on your check, which typically contains not only your account number, but your name and billing address, thieves can go online and charge a number of different items and services to your name. If you aren’t vigilant, they can amass thousands of dollars in debt before you even know anything is amiss.
If you have ever been the victim of identity theft, you know how difficult it can be to get things back in order. While your bank may be able to help you reverse charges, these thieves often do incredible damage to their victims’ credit scores by signing up for loans and other credit based services. If you do not monitor your credit carefully through regular credit inquiries, you may not even know anything has happened until you try to apply for a loan or credit card and find yourself being declined.
The good news is that your credit debt can be repaired. The bad news is that it will take some work. There are many companies and services out there that promise to repair your credit for you if you pay them a set amount of money, but very few of these services actually work to remove negative items from your credit. Worse still, they are charging you money for something that you have the right to do yourself- for free. A better idea is simply to utilize credit repair software that enables you to access your credit reports and prepare your own disputes.
Disputing items on your credit report is easy. While you can do so online, it is recommended that you use the postal service so that you can keep proof of all disputes. Creditors have only a limited amount of time to prove that the debt is yours and that it is valid, or the item must be removed from your credit report. The burden of proof is on the creditor to prove beyond the shadow of a doubt that a debt is yours, not for you to prove that it isn’t. When identity thieves ruin your credit, knowing and exercising your rights can help you get it back on track quickly.
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