Identity Theft: What to Do

Should you find yourself one of the unfortunate victims of identity theft that occur each year, it is important that you act promptly to restore your good name and account information to prevent potentially serious lifestyle consequences. The Stolen Identity section addresses specific topics that will help you know what to do about identity theft and how to expedite restoring your life.

Identity theft is a personal crime that robs you of more than your money and good name; it robs you of your peace of mind and time.  If you do not catch identity theft early on or don’t react promptly and properly, it could become a very stressful and expensive recovery.  IdentityTheft.com is here to help you prevent not only identity theft, but a drawn out resolution as well.

IdentityTheft.com can guide you toward the path back to a secure identity.  Here are 7 things to do if you become the victim of identity theft:

1. Contact the fraud departments of the three consumer reporting companies - Equifax, Experian and TransUnion.  Inform them to place a fraud alert on your credit report.  A fraud alert tells creditors to follow certain procedures before opening any new accounts.
2. File your identity theft  complaint with the Federal Trade Commission.  It is wise to print a copy of this complaint with the FTC to provide important standardized information for your police report. The FTC has an identity theft hotline where you can file a complaint: 877-438-4338.
3. Close any compromised accounts immediately to prevent further theft. 
4. File a report with your local police, or the police in the community where the identity theft occurred.  Make sure you obtain a copy of the police report, as you will need the information on the report and a report number when you are working with the creditor.
5. Know your payment rights.  Under federal law, you are not responsible for amounts over $50 if someone fraudulently uses your credit card.  Most companies will waive the $50 if you report the problem promptly.  Your losses could be greater if someone uses your debit card, as it requires a PIN number to use.  You may contest checks with a forged signature.  The card issuer may have a policy that offers more protection than the federal law provides. 
6. It is always important to respond quickly to debt collectors.  Respond to them immediately and in writing, keeping a copy of your response.  Enclosed with your response you need to add supporting documentation, such as your police report and official identity theft report.  You have the right to ask the debt collector the name of the business that is owed the debt, and the amount owed.  Ask the debt collector for copies of the credit applications, or other documentation related to the transactions made by the identity thief.  Documentation is key.
7. Continue to monitor your credit reports annually.  This advice comes as no surprise, and most victims of identity theft are shaken by the event and monitor their reports vigorously.  Remember that there are three credit reporting agencies, and that it is important to get a report from all three, not just one, as they may be slightly varied. 

You also have the option to file an “extended alert”, wherein each of the three reporting agencies will provide you with a free credit report immediately, and another one free within a 12-month period.  This helps you to continuously monitor your reports to protect yourself from identity theft or other fraudulent activity.

Remember these steps are critical to identity theft resolution and should be taken promptly following an identity theft.