ID theft – steals more than money
A guy went to buy a car, but his credit application was turned down. He was shocked when he called the credit reference agency and was told that he had too many credit cards and other loans outstanding to qualify for any more credit. His credit file had fraudulent loans and store cards, as well as three credit cards taken out in his name. It all added up to over seven thousand pounds/dollars. His local police did give him a crime number, but he has been left trying to sort out the mess.
He found it hard to know exactly what to do. It is now over eighteen months later. A guy still has not been able to get all those fraudulently created entries off his credit record.
All in all he had to contact different companies, write over a 100 letters and make as many phone calls. It is not just the time and money that is difficult for victims, it is the stress. A guy have to deal with debt collectors, been turned down for mortgage and he still cannot get credit to buy that car.
Unfortunately, this guy’s story is common. Victims often find it difficult and time consuming to get their good credit re-instated. They have to deal with many different companies.
What should we do in order to protect our self?
First of all we should use little bit of our common sense. At least, once in every 3 months get a copy of your credit history so you can monitor any unusual credit inquiries. Keep track of your credit applications so that you can match it with the report you get. Last but not least, make sure you give your personal information to right people or organization. Your identity means alot to yourself - it just doesn't ruin your credit history but it also affects your personal life.
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