Identity Theft and Your Credit: What You Need to Know

a hand coming through the screen of a laptop, taking a credit card out of a wallet that is sitting atop the laptop keyboard

Identity theft doesn’t just compromise your personal information; it can also harm your credit score and financial future. Here’s how identity theft impacts your credit and what you can do about it.

How Identity Theft Affects Your Credit

Unauthorized Accounts

Fraudsters may open credit cards or loans in your name.

Maxed-Out Credit Limits

Thieves can rack up charges, increasing your credit utilization.

Missed Payments

Fraudulent accounts may lead to missed payments that damage your credit score.

How to Monitor and Protect Your Credit

Check Your Credit Reports

Review your credit report regularly through annualcreditreport.com for unfamiliar accounts or inquiries.

Set Up Credit Monitoring

Use tools that notify you of changes to your credit report. Maine Family Federal Credit Union members can use SavvyMoney to stay on top of credit report changes. 

Place a Fraud Alert or Freeze

A fraud alert warns creditors to verify your identity, while a freeze prevents new accounts from being opened.

Steps to Recover

If you discover fraudulent activity, immediately dispute errors with the credit bureaus and contact the affected creditors to report the fraud.

Equifax

Equifax.com/personal/credit-report-services 
800-685-1111

Experian

Experian.com/help 
888-EXPERIAN (888-397-3742)

TransUnion

TransUnion.com/credit-help 
888-909-8872