If you don’t stay on top of your credit report, then you could become the victim of identity theft and not even know it until much later when significant damage is already done. That’s why it’s imperative that you monitor your finances and educate yourself on the signs of identity theft. That way you can take swift action to correct your credit report and hopefully recoup at least some of the finances that you’ve been cheated out of.
What are those signs of identity theft? There are several of them, so let’s dig in so that you know what to be on the lookout for moving forward.
Top signs that you’ve been victimized by identity theft
It only takes a quick glance at the news to realize that personal information is stolen all the time. And in many instances, that information is used to make fraudulent transactions on victims’ accounts. Purchases can be made with checking account information, loans can be taken out in your name, and withdrawals could be taken from your accounts. If you want to avoid that from happening to you without corrective action, then be on the lookout for the following signs of identity theft:
- Unexplained purchases: Regularly check your accounts and monitor them for suspicious activity. If you see a purchase that doesn’t look familiar and that you didn’t authorize, then reach out to your bank to see if they can reverse the transaction or compensate you for the fraudulent transaction. You may also need to change your debit or credit card.
- New lines of credit that you didn’t seek: By pulling your credit report, you can see what inquiries have been made into your credit and what lines of credit have been extended to you. If something looks suspicious, you need to dig deeper. After all, you don’t want your credit score to be dinged for something that you didn’t do.
- You receive seemingly strange collection calls: Identity thieves often use stolen identities to gain access to credit without any intent of paying it back. After all, on paper it looks like the victim is responsible for paying back the debt. So, if you start receiving collection calls for debt that you didn’t take out, don’t ignore them. Try to figure out where the debt stems from and then take action to protect yourself from further harm caused by an identity thief.
- Unexplained credit denial: You should have a good sense of your ability to obtain new lines of credit. When you’re unexpectedly denied, ask questions to get at the heart of the denial justification. It could be that there’s a mar on your credit report and credit score that’s attributable to identity theft.
There are several other signs of identity theft. If you suspect something odd is going on with your finances or your credit report, then don’t hesitate to act. There are steps that you can take to protect your finances and correct your credit report so that your future is protected as much as possible.
It’s common for identity theft victims to feel confused and uncertain of where to turn for help. But don’t let the challenges you’re facing deter you from finding the help that you need. After all, there are strategies you can implement to try to reclaim and correct your credit report and your credit score.