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Identity theft and what to do
What to do if you should become an identity theft victim
What if, despite your best efforts to avoid it, you should become a victim of identity theft? It happens to many unsuspecting people, so it could easily happen to you. What do you do? We’ll cover that topic in detail, just in case.
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Identity theft checklist will help you get back on your feet
Identity theft is a growing problem, and according to some estimates, will affect several million Americans this year to one degree or another. It might be as simple as stealing access to your eBay account or it might be as complicated as buying a house in your name and sticking you with the mortgage payments. Either way, it can be a nightmare to work your way out of trouble if you have been victimized by a criminal intent on stealing your identity.
And it can happen to anyone, even if they have taken great precautions to avoid being victimized. The criminals involved in these activities are getting smarter every day, and it’s hard to keep up with the latest methods of theft if you have other things to do, such as living a normal life.
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Suppose you have been victimized - What do you do? Here is a checklist of some things you may wish to do if you think your identity has been stolen or compromised.
- File a police report - It may not help catch the criminal, but filing a police report will go a long way towards persuading your creditors that you have, indeed, been victimized. A mortgage lender isn’t going to write off a $200,000 loan just because you tell them, “I didn’t buy that.” If it’s in your name, you are liable for it unless you can prove otherwise. The first step is reporting the incident to the police.
- Contact the three main credit bureaus - Experian, Equifax, and Trans Union and let them know that you have been victimized. They can put a notation in your credit report. In theory, such a notation, known as a “fraud alert” will require that you be contacted should anyone attempt to open an account or take out a loan in your name. It doesn’t always work, so keep a close eye on your credit report yourself.
- If possible, freeze your credit. Some states allow you to put a freeze on your credit that will prevent anyone from doing a credit check on you until you unlock it. Without a credit check, no one can open an account in your name. Be aware that some states only permit freezing credit files if you have been a victim of identity theft. You may need to produce a police report to prove it.
- Cancel any accounts from stolen credit cards - Ask your issuing bank for new cards. They will probably issue you a card with a completely different account number. Do the same with your debit card from your bank.
The process of recovering from identity theft is tedious and not a whole lot of fun. It’s a good idea to keep all of your financial information in one safe place so that you can get at all of it quickly should you need to in an emergency. It could take months, or even years, to completely rid yourself of damage done by an identity thief. Be diligent.
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