Preventing a Credit Fraud From Affecting Your Financial History

[Jasz]

If you've been the victim of credit fraud, it can be difficult to understand how your financial history has been affected. You might think that all of your accounts are safe and sound, but in reality, someone stole your identity and used it to open new accounts and take out new loans.

If you are in this situation, there are steps you can take to restore your credit after a family member steals your personal information. Here's what you need to do:

You should reach out to the credit bureaus in time.

The first thing you should do is contact the three major credit reporting agencies: Experian, Equifax and TransUnion. These companies maintain files on consumers who have been identified as victims of identity theft. They will automatically place a fraud alert on your file if they determine that someone has stolen your identity and used it for fraudulent purposes. The fraud alert will remain in place until you notify them otherwise or until six months have passed since the incident occurred.

Report the incident to law enforcement officials

Once you've reported the incident to one or more of these agencies, report it to local law enforcement authorities as well! You don't have to wait for a police officer or investigator from any agency — just take responsibility for protecting yourself against future incidents by reporting.

 

[Holicent]

If you're the victim of a family member's identity theft or whatsoever, it can be difficult to restore your credit. Credit companies won't want to work with you if they think that someone else is using your information, so they'll likely deny your application and send you on your way.

However, as long as you have proof that the person stole your identity and didn't give it back when asked, there are steps you can take to get back on track.

Here's how:

1. Call the credit bureaus.

2. Find out as much information about the thief as possible. Start by calling one of the three major credit bureaus: Equifax, Experian, or TransUnion depending on your country and preferences. They'll ask for all of the important details about what happened, including who was involved and how long ago it happened. If they're asking for information that doesn't seem right, don't give it — just ask them questions until they understand what happened and why it might affect your ability to get new accounts opened in the future.

3. Report it to law enforcement if necessary.
These steps written above can only be more effective where your country maintain laws and orders.