Victim of identity theft? Here is how to rectify your credit score


Victim of identity theft? Here is how to rectify your credit score
Victim of identity theft? Here is how to rectify your credit score
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Ever faced identity theft? Read to know how you can deal with it.

In today’s digitally advanced world, everything has been made easily feasible with the help of a lot of online access. From booking a dentist appointment to buying international flight tickets, all it needs is just one click. However, this digitalization has its dark side also. Where things have been sorted with their simplicity, many have been affected due to its disadvantages as well.

Of everything present today, if there is one thing that the internet lacks is user safety. Because of many insecure platforms and practices, people get scammed by fraudsters, leading to many things getting impacted and especially our credit score. Let’s dig deeper to understand why loan fraud happens and how it lands us into trouble affecting our credit scores.

What is loan fraud?

Loan fraud is a bothersome condition one might land into accidentally which is done by a third party, by keeping access to all his or her banking credentials. Your banking details are violated by a scammer, and they take advantage of taking out a loan from your name without even letting you know.

In simpler words, a person who suffers through loan fraud may not be aware of a loan disbursal that has not even been made by him or her. They only get to know about this mischief when the lenders start making hard inquiries and while checking the borrower’s credit report.

Buddy Loan is one such safe and transparent online platform made by prioritizing customer satisfaction. They offer you a loan of up to 5 lakhs with an interest rate of 11% pa.

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How does loan fraud happen?

Cyber frauds are steadily increasing across the globe. And almost every day we encounter someone getting trapped in such scams. As a result, day by day the fear of such cyber-crimes is haunting people and limiting them to take safe care of their finances. This comes to a high point when our credit score gets involved in this. As we all know, our credit score is a very influential factor required for getting your loan accepted and how much time and discipline it demands into building one.

Here are a few things to watch out for avoiding any loan fraud:

  • Do not click on any suspicious link
  • Be mindful of your confidential information
  • Only take updates sent by banks and other representatives.

Some noted people like Sunny Leone are one of the recent victims of such fraud. She has witnessed the incident where the fraudulent took out a loan in her PAN number from one of the Fintech organizations and misused her credit score

How to fix a credit score affected by loan fraud?

Whether you got into any loan fraud or not, your credit score, if impacted once, may make you look doubtful to the lenders for your future borrowing capabilities. Hence, it is always recommended to take either of the following options for a secure and efficient experience in such scenarios.

  • Reach out to the lenders: To be on the safer side, you should reach out to the lending sources to confirm the fraud and lodge a complaint against it. Because communicating well about the situation with them can help you get out of the problem as soon as possible.
  • Ask the bureau to freeze your account immediately: Another action that you can take in extreme cases is to report to the credit bureaus and ask them to remove your credit account from the registration. Later, they can cooperate with the associate lenders and close the account after confirmation.
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To keep track of your credit score, you can check your credit score at Buddy score in a few minutes.

Conclusion: Being in a place where you experience something like identity theft is a very serious and dangerous position. Even though loan fraud may seem like an unbeatable situation, and you may even find yourself helpless, you need to always remember that your safety is in your hands. Keeping the above points in mind can help you escape your problems in no time.


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