Identity Theft and Credit Ratings

Frank Bruno

Having a good credit rating, especially in the United States, is very crucial in order to enjoy privileges like owning a home or a vehicle. Most people would try very hard to maintain high credit scores to be able to avail of lower interest rates as well as higher credit limit. Unfortunately, becoming an identity theft victim can ruin all your hard work. This crime is probably the worst thing that could happen to you especially if you think about its effects on your credit ratings. Evidences of identity theft are usually noticeable especially if you pay attention to the content of your credit report. This report is a very important tool that creditors and lenders use in order to gauge your financial credibility. If you have been delinquent with your payments or have filed for bankruptcy in the past, you will see all these reported. In an identity theft crime, you will first notice discrepancies that you will likely contest. In most cases, you will be notified that there were no errors since everything checked out to be real. Except of course, you did not commit any of the negative entries in your report.

In order for you to recover your financial identity back, you must undergo the difficult task of proving who you are and getting back your credibility. You would likely ask all your accounts to be suspended and also inquire from the creditors involved the possibility of having the negative entries in your credit report erased. Although this would require a lot of convincing on your part, the fact is you are a victim of identity theft and you should not be held responsible for all the fraud committed by the impersonator.

You can expect your credit rating to be severely affected by identity theft. Each negative entry will cost you precious credit points and it can reach a point where your bracket will mean higher interest rates and lower credit limit for you. Simply put, your borrowing power is reduced even though you were meticulous with your financial affairs. It is really a very unfortunate situation and the grief that accompanies it can not be described. It is understandable that the people who become victims of identity theft would feel violated, humiliated and worse, very vulnerable.

Because your credit rating is very important, you should be able to see danger signs that are lurking in all your financial statements. For starters, check for discrepancies in your credit card statement. These cards are the favorite target of almost every identity theft and they usually use a simple reading machine that can easily obtain information from your credit card.

Your credit report can also display signs of identity theft. There would be discrepancies that if you are not too careful, can be missed. Make sure you watch out for delinquencies, late payments and collection accounts as well as charge offs. These negative entries could only mean one thing - that there is someone impersonating you out there and ruining your financial credibility.

Credit Expert Frank Bruno has assisted nearly Two Thousand Consumers To Quickly and Dramatically Improve their Credit Report and Credit Scores.

Learn How You Can Raise Your Credit Scores up to 250+ points with Frank's Amazing New Credit Dispute Software

By Clicking Here > > http://www.DisputeDemon.com

source:users.search-o-rama.com