Under identity theft, a fraudster steals your personal information and by using this information, he applies for a personal loan, two wheeler loan or a credit card with a bank.
After the fraudster has availed a loan, the responsibility of repaying, falls on you. The bank will send you a notice. If you don't repay this loan, your credit score will come down and you will be labeled a loan defaulter.
You will get to know if you are a victim of identity fraud by applying for your credit information report (CIR), from a credit bureau such as CIBIL.
Always check your credit report once in 6 months. Checking your credit report frequently will help you know, whether you are a victim of identity fraud.
You need to find out if all the loans shown in your credit report have been availed by you. If you find any loan in your credit information report which has not been availed by you, then you could be a victim of identity theft.
If you are a victim of identity theft, the first thing you do is contact your bank and record the loan as a disputed loan. You should clearly mention that you have not availed this loan. You then need to ask the bank to show you the documents which were submitted, to avail this loan.
If your signature and the signature on the document do not match, then it is confirmed that you have not availed the loan. The bank will remove the loan from your name and show it as a fraud.
The loan will be reflected in your credit report, till it is removed by the bank. So, you need to follow up with the bank, till the issue gets resolved. Otherwise, your credit score will be affected.
According to the Credit Information Companies Resolution, the dispute must be resolved within 30 days. During the disputed period, you can ask the bank to contact CIBIL and place a comment on your credit report stating the underlying information is disputed.
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