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Does a Fraud Alert Hurt Me Even More?
If you have been the victim of identity theft or you want to prevent this from happening to you, it can be a good idea to put a fraud alert on your credit file to deter would-be identity thieves. Some people worry that a fraud alert can hurt their credit score or cause lenders to decline their application for credit. However, this is most certainly not the case. A fraud alert has no impact on your credit score, so you have no worry there.
A fraud alert will make it more difficult for anyone to open a new credit account using your name and Social Security Number. Lenders will have to go through more work to verify that you are actually the person attempting to take out a loan or open a credit card using your identity. Some lenders may balk at this, but if they do, they are probably not the lender that you want to work with anyway. Putting a fraud alert on your credit file will only help protect you from identity theft. It can save you thousands of dollars and many hours that you would spend trying to reverse the impact of identity theft if it happens to you.
If you have been the victim of a stolen identity, or you are looking to improve your credit score, we can help. We have provided a list of the top ranked credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.