Mortgage FAQ: How Do I Repair Credit After Identity Theft?
"I WAS A VICTIM OF IDENTITY THEFT AND I’M IN THE PROCESS OF REPAIRING ALL OF THE DAMAGE (CLOSING FRAUDULENT ACCOUNTS, REMOVING BOGUS CHARGES, ETC). WHAT DO I NEED TO DO IN TERMS OF CORRECTING MY CREDIT REPORT?"
Although repairing the damage done when your identity is stolen can be a long and difficult process, there are laws and systems in place that can help victims of identity theft.
In your specific case, assuming you’ve already stopped the identity theft and have contacted the police, the Federal Trade Commission (FTC), the three credit bureaus (Equifax, Experian and TransUnion) and the companies where you know the fraud occurred, your next step is to contact each of the credit bureaus again to dispute the specific accounts and charges.
This can be done by writing each credit bureau a letter that lists all of the fraudulent information. Along with your letter, you’ll need to include proof of your identity, a copy of your Identity Theft Report, your bureau-specific credit report, the police report, and any other pertinent documents. By law, the credit bureaus are required to block the disputed information on your credit report within four business days and creditors cannot attempt to collect the bad debt from you. For more information including a sample identity theft letter to a credit bureau, visit the FTC-run website: IdentityTheft.gov.
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