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How to Repair Your Credit after Identity Theft

How to Repair Your Credit after Identity Theft

Good credit is your key to numerous financial opportunities. Even if you are financially stable, if you have bad credit, you could still miss out on many opportunities that rely on checking your credit history. Various financial decisions could cause you to have a speckled credit history, but many people who find themselves struggling with bad credit have had to deal with identity theft. 

When someone steals your identity, they can do things like open accounts in your name so they can use money without having to pay it back, thus causing your credit to plummet. Identity theft can cause you to experience various financial setbacks, and it can be challenging to resolve. Fortunately, it is possible to repair your credit after you have experienced identity theft. To better understand your options for credit repair, talk to the debt settlement lawyers at McCarthy about their credit error program.

Document the Fraudulent Activity on Your Accounts

As you move forward, it’s essential to look back at your credit activity and document each instance of a fraudulent charge and every fraudulent account. This log of fraudulent activity will be valuable when the time comes for you to dispute it. Regularly checking your credit report and credit activity is a good way to catch identity theft before it can escalate.

File Official Reports of Your Identity Theft with the Police and FTC

It’s helpful to file an identity theft report or a police report to have an official record of your identity theft. You can visit IdentityTheft.gov to file an identity theft report, a Federal Trade Commission (FTC) website. 

Depending on your situation, your creditor may expect you to file an identity theft report with the authorities and disclose that information to them. If you cannot get an official report written, document the details of your interaction with the authorities. Lenders are less likely to give you problems if you disclose fraudulent charges early.

Contact the Credit Reporting Agencies to Dispute the Fraudulent Charges

Check your log of your credit activity and take note of all the fraudulent activity made in your name. You should inform the credit reporting agencies of all the fraudulent accounts and charges in your name to repair your credit. Send this information to the agencies in a letter with a copy of the police and FTC identity theft reports. Credit bureaus are obligated to respond to a dispute within 30 days of receiving it. If 30 days have passed and you have not received a response, you may be able to take legal action against them. 

Repair Your Credit with Legal Help from McCarthy Law

Don’t let identity theft ruin your credit and goals. Under the Fair Credit Reporting Act (FCRA), you have the right to dispute fraudulent activity on your credit report, and the credit reporting agencies must investigate. If 30 days pass and the issue has not been addressed, contact a law firm experienced in handling credit repair. 

At McCarthy Law, we have resolved numerous clients’ credit reports and identity theft cases. We are well-versed in the FCRA and have the expertise to address your credit errors successfully. To learn more about our free credit repair service, don’t hesitate to get in touch with one of our attorneys. Call us at (855) 976-5777 or send us a message using our contact form.

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Garrett F. Charity

Garrett F. Charity is Lead Attorney in the McCarthy Law PLC Los Angeles, California office and a member of the California Bar. He received his Bachelor of Arts Degree in Art History from Princeton University and his Juris Doctor Degree from Southwestern University School of Law where he was a recipient of the Schumacher Scholarship.