Post a new topic
    3 Replies Latest reply on Sep 29, 2011 1:20 PM by selfdefender

    How do I recover from a stolen ID?

    selfdefender Adventurer

      I have had my ID stolen twice, once 12 years ago, and once 6 years ago. This was before I knew about credit protection. I continue to fail in securing even the simplest of credit. No one is interested in the reason I have no credit. All I need is an inventory loan, and one for vehicle repair, to return myself to profit. Any suggestions?

        • Re: How do I recover from a stolen ID?
          LUCKIEST Guide

          Tell us more

          An Inventory loan?? What kind of inventory??

          How much of a loan?? and for how long??

            • Re: How do I recover from a stolen ID?
              selfdefender Adventurer

              One lender I contacted wouldn't be interested in me at any time as he was interested in loaning major sums. He suggested asking for a minimum of $25,000 for a minimum five years. I had one company figure that to be something like a $550/mo payment, which I could handle easily. Unfortunately, that company also required an upfront fee, which, I've been told, is a warning flag, re: scams. I buy product with any available cash, and sell out each weekend at a local flea market. Since I also need to repair my work van, I share this profit with a neighbor that accompanies me. The mimimum I would need, for that repair is $2,250. If I had the van working, it would take around $5,000 to fill it with inventory. I'm not saying that I could sell it all each outing, but I estimate my profit would increase 4 or 5 times, conservatively speaking. A $25,000 loan would enable a concession trailer purchase, providing an entirely different income stream, yet financed entirely by my original sales venue. I have recently had one small ray of hope: I was approved for a $3,000 line of creit, of which I only used $933. This is the first time since the ID theft, that anybody has loaned me a nickel.

            • Re: How do I recover from a stolen ID?
              Navigator

              Identity Theft Recovery can be a daunting task, especially dependent upon how you handled the theft when you discovered it had happened. In my opinion, one of the major steps of recovery is protection. If something happens to you once, protect yourself by covering all of the bases to ensure it doesn't happen to you a second time. Be more careful with credit cards and personal information, use only trusted websites and get exceptional protection software for your computer etc. and so on. Also, utilize the protection features of your cards and work with the credit reporting agencies to remedy your credit history.

               


               

               

              There are many guides and articles, many from trusted news sources and credit agencies, on the internet that can be found with a simple search on a search engine using the keywords "Identity Theft Recovery" that offer comprehensive checklists of all of the things you should be looking at. Because this is a small business community, I am going to direct you to one site in particular that might be able to provide some information on ID theft as it relates to small business. The site is SBA.gov and they have info pertaining specifically to this topic. I am not sure how helpful it will be to your situation but it gives you a place to start.

               


               

               

              Usually, creditors don't care about the reasons why our credit is bad but more about the fact that we overcame the adversity and can show we now have a good credit rating and that we can pay our debts on time. Their job isn't too feel sorry for our struggles but to ensure that their investment in us will be repaid according to the terms set forth. If you had the choice of lending $100 to a friend you know never pays you back or one who has always paid you back when they said they were going to, which one would you want to loan your money to? Do the reasons why friend number one don't pay you back on time or at all really matter to you or do you just want your money back when they say they are going to give it to you?

               

               

              I hope this helps some!

              Best of luck to you!

              ~Moni