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When Identity Theft Happen Which Credit Repair Law You Should Know

Updated on March 17, 2010

Credit Repair Law: When Identity Theft Strikes

 Credit repair law is a very important subject for all people to be aware of, especially those who have been victimized by identity theft.  Identity theft is a crime in which one person or a group of people steal another person’s identity for their own financial gain.  They may take out loans in that person’s name or steal important files off their computer.  Identity theft is a frightening crime and it happens all around the world.

 People really need to understand just how serious a crime this is, and if you’re ever made a victim of identity theft you’re going to need to learn about credit repair law.  Credit repair law is the law referred to which dictates what happens to the perpetrator and victim of the crime.  After something like this, you’re going to need to deal with what’s left of your credit.  This is someone who is a professional in the field and who’s going to be able to deal with you on a more personal level.

 There are a few things you can do on your own which will help you rebuild your credit.  You don’t need to feel as though you have to pay everything off at once, because chances are that this just isn’t going to happen.  Especially considering some victims of identity theft have been taken for hundreds of thousands of dollars, this is something that you’re going to need to work at.  Just make sure that you talk to all your debtors.

 You want to let them know that you’re a victim of identity theft and that the debt racked up was not even by you.  They aren’t going to be able to erase your debt but they will certainly be more lenient.  They’re going to be much more lenient and understanding if they know you’ve been a victim of this horrible crime.  Also for rebuilding your credit you’re going to need to consider going through with a debt consolidation loan.

 To apply for a debt consolidation loan you’re going to need to bring paperwork including a copy of your income and budget for each month so the lender can decide whether or not you can afford to repay the loan.  This can be incredibly challenging to have to go through but at least you know you can rebuild your credit and eventually have it back where it was to begin with.  You can rebuild your credit no matter how bad of shape it’s in, even if it takes you years.  Just make sure that you’re more careful in the future and try not to let this happen to you again.

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