One of the biggest reasons you should consider credit repair: better loan rates and terms. When you apply for any type of loan, creditors will base the interest rate on your credit history. Interest is basically the fee you pay a bank; and the higher your interest rate, the more you’ll pay. So what about Identity theft? It is a form of stealing someone’s identity in which someone pretends to be someone else by assuming that person’s identity, usually as a method to gain access to resources or obtain credit and other benefits in that person’s name. The victim of identity theft Identity theft occurs when someone uses another persons personality identifying information, like their name, identifying number, or credit card number, without their permission, to commit fraud or other crimes.