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Lessons and stories from the front lines of fighting identity theft.

 

Identity Theft and Your Credit Score

Sep 28

Last week, I was speaking with a good friend and member of ProtectMyID. She was mugged three years ago and became a victim of identity theft shortly thereafter. Her data has been sold multiple times and many people across the country have tried to open accounts in her name. Some have been successful and some have been stopped before the damage was done. Believe it or not, she is still affected by identity theft today. In fact, she was recently telling me that despite the fraud alerts on her credit files, ProtectMyID recently alerted her to another account that was opened in her name and submitted to collections. The timing of this was disastrous for her as she was in the middle of refinancing.

Unfortunately, even though she had the evidence to prove to her lender that the account was fraudulently opened and that she was working with the credit reporting agencies to have the collections information removed from her credit report, the time it took to get this accomplished led to her missing out on a very low mortgage rate.

People who have identity theft happen to them generally worry about one thing first: money. This crime certainly has a huge financial impact. The second concern is emotional. They feel victimized, angry and vulnerable. It’s a lot to deal with all at once. The financial impact of the crime can not only affect your access to your money, it can also directly affect your credit score. As my friend learned, identity theft is the crime that keeps on giving, or taking as the case usually is. Identity thieves rarely pay the bills on the fraudulent accounts they open in your name. This means that usually the account will go to collections, which can have a negative impact on your credit score.

Having someone who understands the financial impact of identity theft and can walk you through steps to correct the errors that appear on your credit report as a result of this crime can help ease a huge burden during a stressful time. That’s why having a trained Identity Theft Resolution Agent to help you recover your good name is so valuable. In fact, our members tell me time and time again that their agent made all the difference to them as they dealt with recovering from identity theft.

There are many different types of identity theft and if one of them should ever happen to you, wouldn’t you want someone on your side to help you get through it? Our members tell me that they feel peace of mind knowing that we are a part of Experian and that ProtectMyID offers a layered approach to protecting each and every member, with essential credit monitoring that looks for more than 50 different indicators of identity theft, daily Internet Scan for information like your Social Security number or credit/debit cards being sold on black market sites, Surveillance Alerts™ that keep you in the know about your identity’s safety, a $1 million identity theft insurance policy*, and dedicated Identity Theft Resolution Agents. Identity theft protection is a battle and Experian’s ProtectMyID is here to make sure you are able to fight the good fight.  

* Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of Chartis Inc.  Please refer to the actual policies for complete terms, conditions, and exclusions of coverage. View the Summary of Benefits.

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