Identity theft can be devastating. So you are probably wondering, how long does all of this take to fix? You have worked so hard to keep your credit history perfect and all of the sudden; an identity thief ruins it. The question becomes; how long does it take to fix my credit after identity theft?
Experian, one of the three main credit bureaus, touches on this topic on their blog. They say that fixing your credit after identity theft can take anywhere from a few days to several years to fix. Now, I know that is not necessarily comforting information- but the reason it is so broad is that identity theft can take on a variety of forms!
Truly the time period is based on a number of factors. Knowing which of these situations happened in your particular case of identity theft can help narrow down that broad range of time.
How to Determine How Long it Will Take to Repair Your Credit
Here are a few things that affect how long it will take for your credit to bounce back after identity theft:
- Did they use your credit and debit cards?
- Did they use your social security number to open up new accounts?
- How long did it take you to notice and report the theft?
Were cards compromised in the theft?
Since this is the most common way that thieves can gain access to your funds, it seems to be the easiest to resolve. It can be way too easy to lose your credit or debit card, and criminals are way too ready to take your money.
The basics of reporting card theft go like this:
- Contact the card issuer; you can use the phone number on the back of the card to do this quickly.
- Contact the credit bureaus (Experian, Transunion, and Equifax).
- File an identity theft report with the FTC.
- Protect yourself against future incidents
Fortunately, card theft is much quicker to resolve and takes a shorter time for your credit to bounce back from! Though it can be increasingly tedious to report, the disputes are typically resolved faster than bigger losses like new accounts opened fraudulently.
Were new accounts opened fraudulently?
If new accounts were opened in your name, then it can take longer to dispute. The process of closing new accounts, and reporting the fraud can be more time consuming than typical card fraud as mentioned above. This is because there is typically a more substantial loss to you and the institution that loaned out the money. Disputing the accounts opened in your name is the best place to start.
You can get an overview of all open accounts, with a free consultation, by contacting Credit Absolute. This will help you make a list of any accounts you don’t recognize and get to disputing. The same process is followed, of course, when reporting identity theft. Dispute it on your credit report, contact the institution that disbursed the loan, and file a report with the FTC.
This is where the longer time frame comes in when discussing repairing credit after identity theft. It can certainly take longer for disputes to be processed if a new account was involved. Be patient, be methodical about your reporting, and your credit will bounce back in time.
How long did it take to report the theft?
One of the biggest factors that come up again and again when talking about repairing credit after identity theft is the time it takes to report the theft. In other words, how long did the identity thief have access to your information? If you were able to catch it quickly and report it, your credit will be repaired quicker. However, if you did not catch it for a few months, it will take longer to fix your credit.
To wrap things up in a nice little bow, there is no one clear cut time frame that your credit will be completely repaired after identity theft. It can be anywhere from a few days to a few years. But, if you catch it quickly, and the theft amount was lower overall, then you have a much better chance of repairing your credit sooner.
Can Identity Theft Affect Your Credit? Here’s How it Can Hurt You
Having your identity stolen is a scary thought that seems all too common these days. What’s really scary about it is what they may be using your identity for and how it can affect you. If someone steals your identity and rents an apartment under your name and then gets evicted, that could affect your ability to rent in the future. They could use your identity for jobs and not pay taxes or get fired which could hurt your employment record and your standing with the IRS. They could even use your information to run up medical or student loan debt.
There are certainly a number of ways that identity theft can affect you but the most common thing affected is your credit. Identity theft can devastate your credit and significantly lower your credit score. This can have a long-term effect on your financial future.
How Identity Thefts Affects Your Credit
Identity thieves will use your information to take out numerous credit cards. The credit inquiries alone, made each time they attempt to open a new account, could take 10 – 20 points off your score. They will max out each credit card they get approved for and never make payments. The credit inquiries, missed payments, increase in debt, and the poor credit utilization (debt to credit ratio) will all damage your credit score considerably.
These actions could make it impossible for you to ever get approved for credit in the future and affect other aspects of your life. Not to mention, the crippling debt that would all be in your name. Identity theft is no joke. Thankfully there are ways to protect yourself against identity theft and repair the damages if it does happen.
To avoid having your identity stolen, you may want to consider identity theft protection. You should also request a copy of your credit report each year to make sure everything is in order and there’s no suspicious activity. Early detection of identity theft can make all the difference.
Need help repairing your credit following an attack from identity thieves? Call Credit Absolute for credit repair assistance.
How to Protect Yourself from Identity Theft
You can’t ignore the dangers of identity theft in the digital age. Online management of financial resources has made consumers more vulnerable to hackers and imposters. According to a statement by the Insurance Information Institute, 16.7 million cases of identity theft were reported in 2017. These numbers are not going to decrease any time soon. 30% of US consumers experienced a data breach last year. The US government and consumers should work together to curb the rising crime of identity theft.
What is Modern Day ID Theft?
A data breach or identity theft is an illegal attempt to use someone else’s credentials for fraudulent activities. The US government recognizes identity theft as a Federal crime. Anyone found guilty of identity theft in the US could face jail time of 1-7 years. Identity theft has become a grave concern for consumers. The Consumer Sentinel Network maintains a record of consumer fraud and identity theft in the US. According to them, they received 3 million complaints in 2018 related to identity theft and fraud.
How does Identity Theft Work?
Thieves steal personal data from consumers through various tricks. These tricks range from acquiring bank statements from the mailbox to hacking and online scams. This information gives the thieves access to financial and social accounts of the victims. They use the compromised credentials to gain access to financial accounts.
What is The Use of Stolen Identities
Theives have the intention of using the breached information for fraudulent activities. Imposters use compromised data in the following events.
- Opening of new financial accounts
- Getting access to the existing financial accounts
- Insurance fraud
- Online shopping from victim’s account
- Selling victim’s information in the Black Net
- Using the victim’s identity in criminal activities
Protection from Identity Theft
Identity theft brings a string of interconnected losses and disappointments for victims and their families. It is better to take preventative measures beforehand to protect your data from identity thieves. Identity protection aims to add a series of complicated steps in getting personal information. Remember that identity thieves alway seek easy targets. Anything that does not play by their rules discourages them. You can strategically protect your data by taking these steps.
Use Strong and Different Passwords
Unprotected houses are always robbed first of their valuable items. Similarly, a computer or financial accounts without a strong password attracts identity thieves. A survey report by Experian states that 50% of total US citizens do not add password protection to their digital devices. Lack of password protection makes people an easy target for identity theft.
Moreover, do not make the mistake of using a single password for all of your social and financial accounts. Imposters are going to try their luck on each of your accounts. That is why using different passwords ensures safety to your accounts.
Maintain a Record of Your Financial Activities
Your bank accounts and e-wallets contain your wealth; leaving their activities unrecorded is not a wise move. It is a little difficult for anyone to remember all of their transactions. However, maintaining a record is essential for the protection of your data, and it doesn’t take a lot of time if maintained regularly.
Identity thieves do not make big moves initially. They make gradual advances to take over your financial accounts. A single suspicious transaction can give you a clue of possible theft of your identity.
Avoid Clicking on Malicious Links
Thieves lure their targets by sending them malicious links in emails and text messages. Breached data gives the hackers control of most of your existing accounts. They can also order new services for them by using your name and money. Never enter your login or bank details to an insecure site. Doing so can make access to your information easy for hackers.
Never Give Away Sensitive Information About Your Financial Accounts On Phone Calls
A call from customer service asking for your PIN Code or social security number is an alarm bell. Nowadays, banks educate consumers to avoid giving login details to anyone on a call. A true representative of your financial institution will never ask sensitive information about your financial accounts.
Thieves seeking information pretend to be part of financial institutions. In the case of getting a suspicious call contact your financial institution and report the suspicious call.
Protect Your Documents with Personal Details
Do not leave hard copies of bank statements and credit card details in your mailbox because ID thieves do not spare your mailbox. For tackling mailbox theft, you can instruct your bank to send soft copies of your bank statements. Moreover, by using the option of particular instructions, you can also fix the delivery time of your documents. In short, never give a chance to the thieves to steal away your information.
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