Can Identity Theft Affect Your Credit Score?

Consumer Rights Law Firm Serving Clients in Chicago, Illinois, and Nationwide

If you've been a victim of identity theft, you may wonder if your credit score is safe. Unfortunately, identity theft often does negatively affect your credit score. Luckily, there are steps you can take to fight identity theft and repair your credit score.

One of the first things you should do is use the FTC's website to report your identity theft and get set up with a plan to repair the damage done. The other thing you should do as soon asYour credit score may fall if you are a victim of identity theft | Markoff Leinberger possible is call an experienced identity theft lawyer. Here at Markoff Leinberger, we understand the extent to which identity theft can make your life difficult. We can help you recover compensation if at all possible. Call us at 877-905-5161 to schedule your free consultation.

Don't Wait to Report Identity Theft

While it is possible to repair damage to your credit score caused by an identity thief, the longer you wait the more difficult the process will be. An identity thief can damage your credit score by:

  • Maxing out your credit cards
  • Missing payments
  • Opening new lines of credit

Each of these actions causes your credit score to drop, which could disqualify you from getting a good interest rate on loans or mortgages. If it drops low enough, you could even be disqualified from opening any new lines of credit at all. If you were planning on purchasing a house or buying a new car, a low credit score can effectively prevent you from doing so.

Repairing credit takes time, so you need to take action as soon as you notice anything suspicious. You should also be proactive in monitoring your credit report and reviewing your credit card statements so that you can catch fraudulent activity before it completely tanks your credit score.

Why Call A Consumer Law Attorney for Identity Theft?

Repairing your credit and restoring your identity after it has been stolen takes a lot of time and resources, and having an attorney can be incredibly valuable in helping you navigate all the paperwork and legalities. In addition, a lawyer has more power to force credit card companies, credit bureaus, and other relevant parties to cooperate in a timely manner.

Plus, depending on the circumstances of your identity theft, you may be entitled to compensation for any financial damages you sustained. Under the Fair Credit Reporting Act, you can sue credit bureaus for reporting inaccurate information. You may also be able to sue a business for a lapse in security, such as failing to truncate credit card numbers on receipts or failing to keep customers' online data private and secure.

Here at Markoff Leinberger, we offer free consultations, so you have nothing to lose by calling to see if a consumer law attorney may be able to help you.

Schedule Your Identity Theft Consultation

If you have seen your credit score negatively affected by identity theft, don't hesitate to contact Markoff Leinberger for your free consultation by calling 877-905-5161 today. We serve clients in Chicago and nationwide.