Identity Theft: Here’s What You Need To Know
What To Do If Someone Opens A Credit Card In Your Name
Your credit score is more than just a number; it’s a lifeline when you’re looking to secure a loan on a West Knoxville home. But what happens if the unimaginable happens, and someone opens a credit card or takes out a loan in your name? Identity theft is scary. Check out the tips below to help protect your identity and credit score.
Sign Up for Real-Time Alerts
Be ahead of the game. You need to know immediately if someone is dabbling in your financial business. So, where do you start?
- Sign up with a credit bureau.
- Utilize alerts from your credit card.
- Consider services like LifeLock.
Now, you’re not just playing defense; you’re on the offense. Real-time alerts give you the upper hand. If someone attempts to open an account in your name, you’ll be notified in real time.
Finding Out the Hard Way
So, the worst has happened. You get an alert, or you see a weird entry on your credit statement—it’s time to take action.
- Pull credit reports
- Examine reports closely
- Flag unfamiliar accounts
Hold your horses, though. Before panicking, ensure the account isn’t something you’ve overlooked. Did a spouse or family member add you as a signer to a credit card or loan? Did work pull your credit? Be sure the activity is genuinely something fraudulent before reporting it.
Dispute and Rectify
You’ve found a malicious account. The fight is on. So, what’s next?
- Call the credit card issuer
- Report the activity as fraudulent
- Change online passwords
Your identity is your business, which is good when you’re in complete control. Be sure to take quick action against fraudulent activities.
Future-Proofing Your Financial Health
You’ve faced the nightmare and come out wiser. How do you make sure it doesn’t happen again?
- Invest in identity theft protection
- Consider credit freezes
- Use multi-factor authentication
- Regularly review credit reports
Remember, prevention isn’t just a one-off activity. Make it a part of your routine.
How It All Ties to Homeownership
A credit score is an essential part of qualifying for a loan to buy a West Knoxville home. Identity theft can do damage to your score and can take time and effort to clean up once it’s done. If you’re able to prevent identity theft before it happens or being able to identify fraudulent activity early on, you’ll be saving yourself a lot of heartache.
