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  Category: Articles » Finance » Personal Finance » Article

Identity Theft and Bad Credit


Nothing can send your good credit

rating into the trash faster than

identity theft. How do identity theft

and bad credit fit together? It's

simple really. A person steals your

credit card number and expiration

date. For many criminals, it's easy

to do. All you need is to sit outside

of a place that has a wi-fi hot spot

and use a device that can intercept

the transmissions. Anyone making

online purchases with a credit card

can have their information stolen.

Credit card sites can also be hacked.

With your address and card number a

thief can have a field day with your

credit and your credit score. This is

how identity theft and bad credit fit

together. All in all, it spells

disaster for the victims.

So how do we prevent being victims

and having identity theft and bad

credit ruin our lives? First, be sure

you are very careful about what you

throw out. Shred anything that

contains any identifying information.

When shopping online, be sure to have

a credit card just for that purpose.

This should only have a small credit

line. Never use a debit card for

online purchases. Thieves have many

ways to steal the information they

want. The phising scams and emails

are getting more realistic looking

every day. Always check the links

before clicking. Be sure it is a bank

you actually use. When you roll over

the link (don't click) look at the

address. Does it match what that

banks website should look like or is

it an address in Nigeria.

Next, watch your credit report

carefully. You may want to look into

one of those services that will alert

you to any changes in your credit

report like a new opened account, a

negative report, or other items.

These services can be a great help if

you think your personal information

has been compromised. It is always

better to be careful about your

credit. Identity theft and bad credit

are becoming a huge liability for

banks and lending institutions. Be

sure to keep you identity safe. Never

give information out over the phone,

and never answer those phising

emails. When in doubt delete it.

Now for the good news. If you are a

victim of identity theft there are

things you can do. You must file a

police report if you want your

creditors to take you seriously. This

action alone can keep identity theft

and bad credit from being partners in

your life. Many creditors will work

with you and you may find that you

are not responsible for a lot of the

charges. You must promptly notify the

authorities and your creditors so

that losses can be minimized. If your

lenders think that you were not

diligent in contacting them, they

will make you pay for charges you did

not make.

All in all, identity theft and bad

credit can be avoided. Just take

great care in how you manage your

personal information. Even the most

careful person can be a victim.

Prompt actions on your part will

greatly minimize your losses. So

protect your credit rating and take

care that you don't fall victim to

identity theft and bad credit.
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