Credit Repair - Identity Theft

This is a criminal act whereby someone steals another person’s identity for financial gain. The stolen personal information could include the person’s name, birthdate, credit card details, bank account details, tax file number, etc.

You can play an important role in clearing your name and regaining financial control. Here are some of the things you can do to protect yourself from ongoing attacks and safeguard your remaining funds and assets: 

• File a police report. 

• Contact your bank and financial institutions and notify them of what has happened. 

• Freeze your credit card until a new card is issued. 

• File an official identity theft report. 

• Change all PINs and passwords to all accounts and assets - preferably use a system such as LastPass. 

• Gather evidence - collect statements and review - look for suspicious activity and collect photographs or screenshots. 

• Document any communication you have with financial institutions and law enforcement.

• Gather any witness statements in writing. 

• Keep a physical copy of documents that might assist us in our endeavours.

Yes, you can fix your credit if you fall victim to this kind of fraud. However, the process and systems are complex and can be very drawn out and stressful. We recommend appointing a credit repair company such as Real Credit Repairers.

Yes, removing fraudulent hard enquiries from your credit report is possible. However, significant evidence and negotiation are required. Again, we recommend appointing professionals for the best, fastest resolutions.

You can minimise the chances of someone taking out credit in your name by protecting your identity in the following ways:

• Set up an automatic Equifax notification service, as mentioned above. 

• Use two-factor authentication when accessing financial accounts. 

• Beware of phishing attempts. 

• Never share your PIN or password with anyone, and update them regularly. 

• Never leave a copy of your PIN or password for someone to find. 

• If you move home, ensure all your mail is forwarded.

• Keep all personal records under secure lock and key - shred documents rather than throwing them into the bin.

If you see accounts on your credit report that you never opened, it may indicate identity theft. Start by reviewing your credit report and identifying any suspicious accounts, enquiries or debts.

You should notify the credit reporting agencies and the lenders involved so the fraudulent activity can be investigated. In many cases, these listings can be disputed and removed as part of the identity theft credit repair process.

If someone has used your identity to obtain credit, act quickly. Review your credit report and document any accounts or enquiries that do not belong to you.

You may need to lodge identity theft reports and submit disputes with the credit reporting agencies so the incorrect information can be investigated and removed. This process helps fix your credit after identity theft and restore the accuracy of your credit report.