How Protecting Yourself Against Fraud Can Protect Your Credit

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Given COVID-19's impact on the economy and with approximately 12.6 million Americans unemployed, it may feel overwhelming to think about protecting your identity and overall financial health.

How can identity theft impact your credit history?

If an identity thief steals your Social Security number (SSN) and opens new accounts in your name and never pays, you will likely see a negative impact in your credit history. According to Experian, identify theft not only impacts your ability to get credit, but it can also hurt your ability to get a job, and increase your auto and homeowner insurance premiums as well.

Although you can recover from the effects of identity theft by working with creditors and credit reporting agencies, it can take time, which is why it's important for you to take the proper affirmative steps and precautions to protect your identity and credit.

What steps can you take to help prevent credit fraud?

If you're having trouble getting approved for financing, Credit Acceptance can help. Simply fill out the form on our website and we'll connect you with a car dealership near you that can help you start your credit approval today!

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