Identity Theft and Credit Repair

Many credit repair organizations advertise and advise that people avail their services not only in times of emergency – read this as the time when they slip below the average credit score – but also during the time they feel they are ‘okay’. As you read these lines, you might be smiling thinking that this was a great to milk customers of their hard-earned money.

 Good Advice – Take It

 I know there would be enough skeptics who would deny the need for such services. However, let me give you one typical scenario (and there are many more) and we will reserve the decision until you read it all.

 Tom Walters is a successful IT professional drawing a comfortable salary, savvy about the use of the Internet. He supports his wife and two teenage children aged 15 and 17 respectively. The children, like all teenagers, love surfing and shopping on the Net. Come recession, and Tom’s company announces major layoffs. Though his job is secure, Tom decides to launch his own software company from home just to avoid in the future the tension that the recession had built in his mind.

 When he checks his credit, he is shocked to find that he has a number of negative remarks and his credit score has plummeted to dangerous levels. On checking, he finds that there are outstanding loans in his name that he never availed. What happened? The answer is simple – identity theft. It is to guess how – the children stumbled upon false websites which phished the details of credit card of Tom and voila – he got loans in his name, which were enjoyed by someone else.

 The Solution

 Credit repair companies here work like lawyers. One you put them on a standard retainer, they will keep a tab on every remark that goes into your credit report and warn you about any such scenario that looks suspicious. Identify theft is very difficult to prove or stop one it starts, but once discovered you can check the damage that is done by closing the account and raising the alarm to prevent further siphoning of your funds and damage to you reputation.

 There are plenty of other similar scenarios – misused credit cards, late submission of payment checks, and the like which not only trash your credit record and score, but also damage your credibility in the market.

 Do you still maintain that this is a laughing matter?

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