The Credit Score Information Site

Identify Theft And Your Credit

The number one reason people steal identities is for economic gain. The thing is that identity thieves can get away with a lot of things just by using some of your personal data such as your Social Security Number and your telephone number. By using these information, identity thieves can get auto loans, apply for new credit card accounts, lease apartments, and buy numerous things while pretending to be you.

But how does this affect your credit? Well, first of all, identity thieves accumulate debt in your name. This means that whenever they open a new credit card account or obtain a new loan, they use your name and your credit information. When the time comes for them to pay the bills, these identity thieves run away, leaving you smothered in debt. And since these identity thieves do not pay the bills, all delinquencies, repossessions, evictions, chargeoffs, and judgments land in your credit report. Consequently, your credit score plummets to the bottom of the pit. What’s more, by the time you realize that there is something wrong, it is already too late.

Further Reading: See below for more information on Identity Theft

Introduction: Identity Theft
How An Identity Is Stolen
Preventing Identity Theft
What To Do If You Are A Victim Of Identity Theft