Loan identity theft happens when identity thieves use your stolen information to open a new loan. This can be anything from a quick loan to student loans. So what do you do if you fall victim to identity theft? In today’s blog, the Quick Loans team is here to give some advice on the matter, including how you can work to avoid it in the future.
What You Need to Do
You may think that identity theft will never happen to you, but in reality it happens to millions of Americans each year! Nobody wants to find themselves with maxed out credit cards, new lines of credit, or even student loans that don’t belong to them. But if you do, there are a few things you can do to help resolve this issue.
Enable Fraud Alerts on Your Credit File
If you are a victim of loan identity theft, you should first place a fraud alert on your credit file by contacting one of the three credit reporting bureaus — Experian, Equifax, or TransUnion. This will allow you to place an initial or long term security alert on your account and ensure that no new credit is taken under your name.
Dispute the Errors
After you enable fraud alerts, you should receive a free credit report from all three bureaus. Check your credit reports to identify any accounts that you did not open, then report the stolen accounts to each of the credit reporting bureaus.
How to Avoid Loan Identity Theft
Whether you have fallen victim to loan identity theft in the past or not, there are ways that you can protect yourself. Even if you do fall victim, if you take these precautionary steps it will make the process much quicker.
Monitor Your Credit Reports
A good way to avoid identity theft or catch it at an early stage is by monitoring y