Some Long Lasting Effects of Identity Theft

Identity theft can have some long lasting effects. Even twenty years down the road, you may still be having problems if you were a victim of identity theft. Perhaps the worst part is there seems to be no satisfaction because the identity thief is never caught, and you feel justice has not been served. Without justice, you will always feel like a victim. Any instance of having to prove your identity twenty years later makes it feel like everything happened yesterday.

If you are a victim of identity theft, one of the most significant things that you may have to deal with is placing a fraud alert with the credit bureaus. The fraud alert is placed on your credit report, so that lenders do not extend credit to anyone trying to get credit in your name, even if that person is you. The problem with the fraud alert is that it will only work if the lender contacts the credit reporting agencies to find out your credit score. If the credit lender does not check with the credit bureaus, the lender may issue credit without ever being aware that they are being duped.

Once you become a victim of identity theft, life is a bit different. The biggest difference that you may notice is that people are treating you differently, because they think of you as being under suspicion, even though you have done nothing wrong. Credit card companies are going to be cautious about allowing you to use your credit. They may also be suspicious if you call or contact them to change or verify something. It can be a lengthy process to prove who you are. Banks also may not be eager to lend you money, even after you have proven that you were the victim. There seems to be a stigma attached to anyone who has been the victim of identity theft.

The worst thing about being an identity theft victim can be the damage done to your credit before you are even made aware of it. Identity thieves may have all the information they need, including family history and other identifying characteristics and may continue trying to impersonate you. All of your available lines of credit may be suspended before you are aware of what is going on. Obviously you will not be able to use them either. No matter what you do, the credit bureaus, banks, and other lending institutions will not reinstate your lines of credit, or create any new lines of credit, until everything has been worked out to their satisfaction. The process of reestablishing credit may take weeks or even months.