How Identity Theft Can Impact Your Credit Score

Identity Theft
There are many people who have always had a great credit record. In a sudden change, they realize that their credit score started to plummet. This can occur when you have been a victim of identity theft or there has been an error on your credit report. Identity theft is more widespread than many people assume and it can affect you without you ever knowing.
 
Identity theft occurs when someone steals your personal information and gets access to your accounts. They will use this information to drum up debt leaving your financial record in tatters.
 
Sometimes they will use your information by removing small amounts of money from your accounts over a period of time. This can happen when they get access to your PIN numbers of credit cards or bank accounts. They can also use your information to get new credit cards and use them up to the credit limit before attacking the next unsuspecting victim. When this happen your credit score will decreased making it lower. Find ways to improve your credit score here.

Always be on the know

 
You should always check all your accounts on a regular basis and look for any suspicious activity. If you notice anything that you are unsure of, contact your bank immediately and get them to investigate. In addition to checking your accounts you should also check your credit report regularly to see whether there is anything on it that you believe shouldn’t be there. You can get a credit evaluation if you notice your credit score has changed. There will be information on your credit report of new accounts in your name and you will be able to act on these immediately.
 
If there is any suspicious activity you should report it to the police immediately and get a statement from them that you can then send to your bank or the lending institution that shows on your report. Notify the credit bureaus and get them to attach the police report to your records and make sure you close the accounts.