If your identity is stolen, you may have trouble obtaining credit or getting a good interest rate. Creditors may pursue you for debts you haven't incurred. You may even encounter problems when applying for a job because of fraudulent, negative information that appears on a background check. For all of these reasons and more, if you become a victim of identity theft, you need to begin working to clear your name immediately. Read about the basic steps to take in my Financial Edge article for Investopedia, What to Do If Your Identity Is Stolen.