Finance & Loans

An Identity theft could ruin your financial health

Your FICO score is more than a number and it reveals your financial capabilities including your credit worthiness. Many creditors and landlords use it to determine whether they want to extend credit or rent an apartment for you to line. Many prospective employers are also increasingly using your credit score and your credit information before they offer you an employment. When an identity theft occurs, chances are that your credit score will be compromised and you may also be held liable for some of the charges.

When an identity theft occurs, the victim may face difficulties using available credit in open credit accounts. New charges that a victim is not responsible will increase the monthly minimum payments that are due putting victims into financial difficulties. On the other hand, thieves could use your personal information to empty your bank accounts. Identity theft could easily move beyond your bank account and credit cards and onto other aspects such as your telephone and utility accounts. If you suspect an identity theft, cancel your credit card accounts immediately and work with your creditors to get relief. File a theft complaint with the Federal Trade Commission and a theft report with your local law enforcement agency.