subject: The Effect Of Identity Theft On Your Life [print this page] Maintaining a good name is really hard to doMaintaining a good name is really hard to do. It is very important. In case of identity theft, the hard work you did is just shattered into pieces. It takes almost a lifetime to establish who you are to the community.
In case that this crime got you, what are the effects that it might cause into your life?
Financially speaking, identity theft can ruin the credit standing of any individual. It takes not just a blink of an eye before it is resolved. You can no longer apply for a loan in case you need it since credit scores dropped to a point where loans are impossible. You cannot apply for a new credit card as well. And worse, jobs are hard to find with a low credit score or a bad credit history.
Closing an account in case of identity theft is not advisable. Since your credit will be affected in cases of identity theft, you will be having a hard time applying for a new account. Instead of closing your account, call you financial institution to request for a change in account number. This will be the new account, and any transaction on the old one will not be carried to the new account.
Some people ask, is this the same as starting a new account? The answer is no. Your credit history on the old account will still be standing. It's just a change in the numbers but not the credit history of the account. These accounts then may cause confusion on your report. But it is not forbidden for you to clarify these accounts to the credit reporting agencies.
If you inform the credit reporting agencies that there are inaccuracies in your file, they will be making an investigation. The investigation usually takes almost a month. Once it is done, you will be notified of the outcome of the investigation. Well, identity theft can consume a lot of your time in fixing it.
Safeguarding personal information will still be the main defense or prevention that is to be considered in fighting this crime. Never trust too much regardless of who they are. Remember that it is your life that is in stake and danger is just waiting for the right time to eat you alive.
This crime cannot just shutter your finances but also your emotions. Imagine how hard and frustrating it is to fix credit reports and going into an investigation just to fix things out. Your personal information tell the community who are you so it pays much to safeguard it.
