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How to Protect Your Credit from Identity Theft

Written by: Kristy Welsh

Last Updated: April 19, 2017

If you have read some of our other articles about identity theft, you must certainly have noticed the rise, year after year, in the number of victims of ID fraud and stolen identities. Desperate times bring out desperate measures and people with poor credit, no money, and no scruples have gone the way of figuring out how to steal another person's identity to better their situation. Don't become another statistic - be proactive and learn how to protect your credit from identity stealing thieves.

Why Protect Your Credit?

Credit, second only to your family and your time, is the most important asset you possess. The difference between having credit or not can be the difference between freedom and oppression, between opportunity taken and opportunity denied.

In every other system in this country, you are innocent until proven guilty. Not so with your credit. All a creditor has to do is say that you were late or delinquent in your payments and it goes on your record. It's up to you to prove conclusively that you were in fact, not late. If you don't have any proof, your creditor wins and you lose. This is especially frightening if someone steals your identity, because even if you are innocent, it will cost YOU money to go to court, track down documentation, hire lawyers, etc. Your creditors cannot be held liable as there is no way they could have known you were a victim of fraud. If, in the unlikely event you can find and identify your identity thief, chances are slim you will be able to recover costs from him/her for your efforts to clear your name. In other words, this will cost you a fortune to clear your name, all non-refundable. It's worth the effort to take precautions against this happening to you.

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How Does a Credit Rating Affect You?

In today's society, it is not your word or character which incites the most trust, but your credit rating. Without a good credit rating, you can't open a checking account, rent a car, get a credit card, buy a house, get a small business loan, get a student loan; the list goes on.

And what if your credit is not hopeless, but just damaged? You pay a large price in increased fees and interest rates on credit cards, car loans, and home loans. Increased credit costs due to poor credit can add up to thousands of dollars a year. Believe us, it is worth your time and effort to safeguard your credit rating.

How You Can Protect Your Credit?

The most important things you can do to safeguard your credit:

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