When you are impacted by identity theft, it can feel as though your world has flipped upside-down. It is a common misconception that identity theft is easily remedied, and once complete, your life will go back to normal. Unfortunately, you may find that the effects of this breach are long-lasting, following you for years. If you have reason to believe you are the victim of identity theft, the following blog explores what you can expect from the long-term impacts of identity theft and the importance of working with a Michigan identity theft lawyer to explore your legal options.
What Long-Term Impacts Can Identity Theft Have on My Life?
When you discover that someone has accessed and used your personal information for any number of reasons, it can immediately impact your life, as you may experience extreme stress due to the circumstances. Unfortunately, this stress can result in issues like insomnia and high blood pressure, all of which can negatively impact your health.
Unfortunately, stress isn’t the only significant impact you can expect. As you can imagine, identity theft can have a drastic impact on your finances. When thieves open accounts in your name and they go to collections, it can cause your credit score to plummet, making it exceptionally difficult to obtain loans or open new financial accounts. If you are approved, you can expect astronomical interest rates. Similarly, having outstanding debt can lead to creditors filing lawsuits against you, which, if one, can result in your wages being garnished.
In addition to the financial impacts, you could also endure serious issues if the thief used your information to commit a crime. For example, if they are arrested and provide law enforcement with your name and personal details, it can result in a criminal record. As such, if you apply for a job, you could be denied due to the presence of an arrest record, even though you’re not responsible.
Are There Any Steps I Can Take to Reduce the Impact?
When you discover you are a victim of identity theft, it’s imperative to take the necessary steps as quickly as possible to protect yourself and reduce the impact the theft can have on your life. Generally, the most important step is to get in the habit of regularly checking your credit reports, bank statements, and credit card balances. Reviewing this information regularly helps ensure you can quickly identify potential issues and take the necessary steps to stop the theft before it grows unmanageable.
You should also contact the agencies impacted, like your financial institution or creditors to explain the institutions and learn where and when to send a dispute. In addition, you should update your security information to help prevent the hacker from regaining access.
However, the most important step you can take if you’ve been impacted by identity theft is to connect with an experienced identity theft defense attorney with Lyngklip & Associates. Our dedicated legal team understands how difficult these matters can be to navigate, which is why we are committed to handling the legal complexities of this situation. If you need help, our team is here. Reach out to us today to learn more.
