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by C Davison

Identity theft can wreck havoc of your credit score. If a thief steals your identity, and runs up credit under your name, then runs away you are left with the debt. If the thief is smart they have rerouted some of your mail, and you will never even know you have a debt until it gets to the actionable state. By then of course, it already has affected your credit score because the thief acting in your name defaulted on payments.

It can take years to straighten out what seems like a simple thing. The trouble is that once something is put on your credit, it's there for seven years. You can add a note that explains it, but it's still there, and because it happened, it will make you a greater risk. What if the person does it again? You could default again. It's stupid, but you will pay a higher interest rate because of this thief, and you will be explaining yourself for what seems like forever.

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Can identity theft affect your credit score?

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Can identity theft affect your credit score?

by C Davison

Can identity theft affect your credit score?

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