How Identity Theft Damages Credit Scores

how identity theft impacts credit score

What You Need to Know:

Identity theft can have devastating effects on your credit reports and scores when thieves open false accounts in your name. Often times, people are not aware that their identity has been stolen, therefore they can go years with items under their name and credit report that do not belong to them, which will lead their credit score to drop immensely. Since we have seen cases like this in the past,  we really want to make noise on this topic which is exactly why we want to talk about this matter. Here’s an overview of some of the common credit impacts of identity theft and how our credit repair services can help you take back your good credit:

Potential Credit Impacts of Identity Theft:

  • Drop in credit scores due to delinquent payments on fraudulent accounts
  • High credit card balances resulting from fraud driving up utilization
  • Inaccurate late payments on credit history from fake accounts
  • Flood of hard inquiries from applications for false accounts
  • Increased debt levels from unpaid debts opened in your name
  • Foreclosures, repossessions, and public records from ID thief’s actions

All of these fraudulent credit report items can sink your credit scores by 100+ points in some cases. This makes it difficult to qualify for loans, mortgages, rental applications and more.

How We Help With Credit Recovery:

  • Dispute fraudulent accounts, inquiries, and negative items
  • Provide documents and update law enforcement to validate disputes
  • Monitor and repeatedly dispute until all fraud is removed
  • Coach you on precautions to avoid reoccurrence
  • Develop credit rebuilding plan to restore your scores
  • Provide ongoing credit monitoring and identity theft support

The key is acting quickly to report and dispute fraudulent activity before severe credit damage occurs. Our credit repair experts have extensive experience helping identity theft victims restore their credit through proven dispute processes. Don’t let identity thieves wreck your credit. Contact us today to start recovering your financial identity.