Denied credit because of identity theft? Here are your options

Cristina POPOV

February 21, 2023

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Denied credit because of identity theft? Here are your options

Most people don’t think about their credit score until they need it. Lenders use it to decide whether to give you a loan. In one potentially devastating scenario, you could be denied credit because, unbeknownst to you, the actions of criminals have lowered your score.

Victims of identity theft learn too late that their personal info has been used to help commit bank fraud – when they receive notifications for payments for loans they didn't request or confirmations of money transfers they didn't make or have their credit score checked for a loan.

How can identity theft affect your credit score?

Identity theft is a form of fraud carried out when someone uses your personal information to access your financial data, such as bank accounts or credit cards. With your SSN, name and address, an identity thief can open new accounts, order debit cards and get loans.

Not only can this impact your ability to get credit, but it can also hurt your job prospects and increase the premiums you pay for insurance on your car or home.

You may have to pay for loans or purchases you didn't make, face calls by collection agencies, and be forced to start the process of restoring your credit score.

Out of the blue, you must take an unwelcome break from your life and start dealing with closing accounts, filing police reports, scrambling to change every password you've ever made, and calling credit bureaus.

How to repair your credit after identity theft. What are your options?

All companies have different ways for you to prove your identity. When you fall victim to identity theft, you are in the position of having to prove who you are and what you didn't do.

After you report the fraud, you must work with collection agencies and banks to get any fraudulent collection accounts, late payments and balances removed from your credit reports.

Another option is to prepare for such an event and ensure you will have a certified resolution specialist at your disposal who can do all the restoration work for you.

One-on-one, round-the-clock support from a (human) specialist is included in the Bitdefender Identity Theft Protection. In case of identity theft, you call a toll-free number for assistance. A representative gathers the necessary case information to be forwarded to a Certified Resolution Specialist.

From that point, here’s what happens:

#1: A Certified Resolution Specialist contacts the member for an assessment of the case and probes for information regarding the identity theft incident. At the time of assessment, it is determined if your credit file should be pulled for review.

#2: The Certified Resolution Specialist offers to place fraud alerts and credit freezes, if needed. The Specialist also contacts each individual company associated with the identity theft to start disputes.

#3: A restoration packet is forwarded to the member if needed and, upon receipt of the packet, it is attached to the case.

#4: Upon receipt of the restoration packet, the limited power of attorney is forwarded to the companies in dispute.

#5: The necessary dispute information is completed in a timely manner, and submitted to the companies in dispute and the major credit bureaus (Experian, Transunion, and Equifax) to remove fraudulent information from the victim's credit file.

#6: The Specialist follows up each week until all fraudulent accounts have been closed and removed from the member's credit file.

# 7: The Certified Resolution Specialist places weekly follow-up calls to the member until deletion letters are received from the disputed companies and credit bureaus.

#8: If all is cleared, the Specialist will confirm with the member that all restoration is complete, and the case is closed. If there are accounts remaining, start step #5 again to re-dispute.

Bitdefender Identity Theft Protection is also a preventive solution, sending you instant alerts when your personal information is at risk and helping you prevent damages and financial loss from identity theft.

How much does it cost?

You get complete identity theft restoration service when you buy Bitdefender Identity Theft Protection, available in two plans:

Bitdefender Identity Theft Protection Standard

  • Identity theft insurance, up to $1 million, covered
  • Standard credit monitoring

Bitdefender Identity Theft Protection Premium:

  • Identity theft insurance, up to $2 million covered
  • Extensive credit and ID monitoring
  • Extra reimbursements against ransomware and social engineering up to $50,000

If you always have been cautious with your data and wonder what you can do differently, check out Bitdefender Identity Theft Protection plans.



Cristina POPOV

Cristina is a freelance writer and a mother of two living in Denmark. Her 15 years experience in communication includes developing content for tv, online, mobile apps, and a chatbot.

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