Your Credit Report and Identity Theft

There are many reasons to check your credit report regularly. For most people, the first sign they’ve been victimized by identity theft appears in their credit reports. Take a look at these examples:

• A woman checks her credit report and discovers several accounts that were paid off years ago have been reopened and are carrying large balances.
• A young man is preparing to buy his first home and is shocked when his mortgage application is denied despite maintaining low balances and paying his bills on time. He is shocked to discover a list of delinquent accounts he never opened and is told that he’ll have to settle these accounts before being approved for a mortgage loan.
• An elderly couple discovers their credit report shows that somebody in another state has purchased rental property in their name and defaulted on it. They are being sued by the local municipality for building code violations as well renters for poor living conditions.

Everything in your credit report can have a major impact on your life. It lets creditors and others know whether or not you pay your bills on time, have fileld for bankruptcy, or have an outstanding court judgement against you. If there;s something negative in that report, you might be turned down for a loan, a credit card, an apartment, or even a job. Even if you aren’t turned down, any negative items could increase the interest rate or premium you have to pay for a loan or insurance.

That’s why it’s important to get up close and personal with your credit report and checking it regularly. By doing this you can look for erroneous information, spot signs of identity theft, and correct any errors on your report.

Category: Identity Theft Blog