Experian Reports Identity Theft Is On The Rise

According to Experian, identity theft is on the rise on a national scale.

With rising identity theft claims, consumers bear the burden of proof

Unfortunately for consumers, while Experian acknowledges the increase in identity theft, our experience is that Experian allows inaccurate identity theft accounts to remain on a consumer’s credit report. If Experian has allowed inaccurate identity theft accounts to remain on your credit file after you have taken the steps to dispute the information, you should contact our office and speak with one of our experienced credit report lawyers that helps consumers with inaccurate Experian identity theft credit reports.

Verified Victim Policy and Red Flags in Identity Theft Claims Investigations

Experian knows the Federal Trade Commission stated that identity theft complaints totaled 1,434,695 complaints in 2021. Experian also knows that identity theft is rampant, but our experience indicates that Experian does not always take complete and appropriate steps to clear identity theft accounts from a consumer’s credit report. For example, Experian knows that fraudulent identity theft accounts are typically opened in a similar time period by the identity thief. The thief wants to obtain as much credit as soon as possible and then be out of the picture leaving the victim with numerous defaulted identity theft accounts. Experian, Equifax, and Trans Union all know that if one account is determined to be fraudulently opened, that other defaulted accounts opened during that time period are most likely the result of identity theft as well. This determination is sometimes referred to as a “verified victim policy,” which would require that the credit reporting agency delete all of the defaulted identity theft accounts opened during a similar time period.

In addition, Experian also knows that there are certain “red flags” of identity theft accounts. Among these red flags are situations when the account is opened, immediately charged to the account credit limit, and thereafter defaulted with no payments being made on the account. When a consumer disputes an identity theft account of this nature, it should be easy for Experian to remove the account for identity theft.

Protect yourself by reporting identity theft immediately

Consumers should notify Experian about all of the identity theft accounts and inquiries as soon as possible. Consumers can also provide supporting information like police reports and numbers, identity theft affidavits, and other supporting information so that the identity theft accounts may be removed.

Delays in addressing identity theft can make matters worse because charged off accounts are often sold to debt collectors and debt buyers who thereafter re-report the account and start the problem again with different credit reporting. If you are having problems stopping your identity theft credit reporting nightmare, please contact Blankingship & Christiano, P.C. for a free review of your situation.

If you have an error on your credit report and need legal help getting it corrected contact the Virginia Credit report error lawyers at Blankingship & Christiano, P.C. (571) 207-8331 or fill out our contact form to discuss your case.