How Do I Repair My Credit After Identity Theft in California?

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Discovering that someone has used your personal information to pretend to be you can be an incredibly unsettling feeling. It can be violating to know that someone has all your personal details and sensitive information. However, you’ll also need to account for the impact this theft can have on your credit score. Unfortunately, identity theft can drastically hurt your credit, meaning you’ll need to take the necessary steps to mitigate damages and repair your credit. Luckily, the following blog and a Los Angeles, California identity theft lawyer can assist you through these challenging matters.

How Can Identity Theft Impact My Credit Score?

When you are the victim of identity theft, it can severely damage your credit score. This is because someone will use your information to make purchases or take out loans with the intent of leaving you to foot the bill. As a result, missed payments will begin to accumulate, and you can be sent to collections for a debt in your name that you didn’t know existed.

Unfortunately, this can have a massive impact on your credit score. Payment history makes up a considerable amount of your credit report, meaning a single missed payment can drop your score by as much as 100 points. These will remain on your report for 7 years.

Similarly, identity theft can lead to your interest rates skyrocketing, being denied loans, having delinquent accounts on your report, and many more issues.

What Can I Do to Repair My Credit?

If you wish to repair your credit, understanding the steps you must take is critical. Generally, you’ll want to begin by placing a credit freeze or fraud alert on your account. A freeze stops any creditor from accessing your information while a fraud alert requires the lender to confirm your identity. Both can help prevent fraudulent accounts from being opened in your name.

Additionally, you should contact the Federal Trade Commission to file a formal report. They can also provide more personalized steps to take. You may also want to consider filing a police report. Though investigating instances of identity theft can be challenging, some creditors may require a formal report as part of their internal investigation.

Finally, you’ll want to ensure you continue to change all your information. This includes usernames and passwords, bank and credit card numbers, as this can help you start anew.

Unfortunately, dealing with the impacts of identity theft can be incredibly challenging as there are many considerations you must make to protect yourself and reclaim your identity. If this reflects your circumstances, the team at Los Angeles Legal Solutions is ready to assist you. Connect with us today to learn how we can guide you through this process to start the next chapter of your life.

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