Identity theft is often a taboo subject, and there are obviously quite a few companies out there that are aware of that. Therefore, some advertisements tend to make up their own facts about identify theft in order to sell us various services, which in some cases can be useful, while in others not so much or the whole thing is simply overpriced.
Different beliefs are also floating around and influencing exactly how we spend on these identity theft products and protections such as fraud alerts, freezes and credit monitoring. Let's go through a few of them here so that you know a bit more what you're dealing with. After all, one misunderstanding about identity theft could make you pay way more than you should and make you backtrack on your credit repair.
Being in credit repair immunizes me
Wrong. Being in credit repair doesn't immunize you from identity theft in any way. In a lot of cases, robbers won't go directly from your financial account and your money, but rather your key personal information such as your social security number.
I trust my bank and the law
Sure, your bank might be an entity that you trust and they might've been very professional in the past, but the truth is that some banks can be pretty evasive when it comes to identity theft. Sometimes their contract doesn't stipulate that they can be of much help to you, and while they might say that they're sorry for you, they might be far from handling the whole issue for you. The same things can pretty much be said about the law of most countries. Hard to enforce, identity theft still roams free within some parts of the system.
The protection on my credit card will be enough
Of course, it can be wise to check if your credit card has good programs to activate, but even the best credit card offers on this matter shouldn't prevent you from learning about all the measures and reactions we cover in our other credit repair articles. Simply put, there are a lot of things you can buy and own through the different organizations and companies you deal with, but most of them aren't pure insurance against identity theft.
In the end, what should I focus on if I get my identity stolen during credit repair?
The focus should definitely be put on the good habits you can have around identity theft. The regular watch of your credit report remains key on that matter, and then you should also learn about the good reactions to have if you're a target. As soon as you get the bad news, call up your credit card company as they will have an option and staff member ready to work on the case. Then, you will want to select the best solution to your problem based on what you're ready to pay, be it a fraud alert, a full freeze or some credit monitoring. Each also comes with its own downsides which could make credit harder to get because of the extra verifications, but it's all up to you on how secure you want the lock to be and for how long you want it to be as you continue your credit repair.