Identity Theft

Just as your resume speaks as to your work experience, your credit report is a representation of your creditworthiness. It’s a way for lenders to gauge your capability of paying your debts, and it is a deciding factor in whether or not you get a loan. Lenders hire other companies which monitor your credit report, which allows them to loan money only to those who are most likely to repay the loan.

It’s so easy to have errors on your credit report, that people capitalize on that- in the form of identity theft. These crimes are either done to augment someone’s sketchy credit history, or to use someone’s good credit. When someone steals someone else’s identity, they probably will not repay the loan, and the victim can end up with problems with credit card debt through no fault of their own. Someone whose identity has been stolen can be harrassed by debt collectors for debts that they don’t even owe. A debt collector’s job is simply to get the money, no matter who is actually at fault.

There are ways to keep an eye on your credit score and to detect identity theft. Early detection of identity theft is very important- you can catch the thief before they do too much damage to your score. Here are some signs of identity theft:

-Not receiving mail from creditors/card issuers
-Getting cards that you did not apply for
-Having a loan application denied suddenly, after years of good credit
-Unexplained bank withdrawals
-Being arrested for crimes you did not commit

Having even one of these things happen to you can mean that your identity has been stolen. Monitor your credit and bank accounts closely so that you are more likely to spot fraud. Identity theft can take minutes to happen and years to recover from, and it can happen to anyone. With some basic credit card info, you stand a much greater chance of keeping your good credit intact.