What to do if you are a victim of Identity Theft

Special to Jobe Publishing, Inc.

 

What can you do if you are a victim of identity theft? You are in a state of shock and then anger. You are struggling to regain control of your financial and personal information.

From unknown mortgages on your home to new credit card accounts with massive charges, it can be devastating.

Here are some steps you need to take immediately if you are a victim. 

1. Check Your Credit Reports for Suspicious Activity – One of the first signs of fraudulent activity on your account can be on a credit report. You should review credit reports from all three major credit bureaus: Experian, Equifax, and TransUnion. If any unfamiliar accounts or inquiries appear, immediate action should be taken to dispute them.

2. Place a Fraud Alert and/or Freeze your credit – A fraud alert notifies potential creditors to take extra steps in verifying identity before issuing credit. This can help prevent further damage. Victims only need to contact one of the major credit bureaus, and they will notify the other credit agencies on their behalf. A credit freeze is a much stronger protection. It prevents new credit accounts from being opened. A credit freeze must be lifted before the individual can apply for new credit.

3. Report the theft to IdentityTheft.gov – The Federal Trade Commission (FTC) provides a centralized platform to report identity theft and create a personalized recovery plan. Filing a report through IdentityTheft.gov helps document the case, which can be critical when dealing with creditors, banks, or law enforcement. This report serves as proof of victimization and assists in removing fraudulent activity from credit history.

4. File a Police Report – If identity theft results in fraudulent criminal activity in an individual’s name – such as someone committing crimes while posing as another – a police report can serve as a vital piece of evidence. Some creditors may require a police report to process claims for unauthorized charges. When filing a police report, victims should bring copies of their FTC identity theft report, any fraudulent account statements, and any correspondence with financial institutions to support their claim.

5. Contact affected businesses – Identity theft often leads to unauthorized transactions, fraudulent accounts, and incorrect personal information being associated with a victim’s identity. It is extremely important to contact affected banks, lenders, and service providers as soon as possible to dispute these issues. Many financial institutions have fraud departments dedicated to assisting victims, but time is of the essence.

Under the Fair Credit Reporting Act (FCRA), consumers have the right to dispute inaccurate, outdated, or unverifiable items on their credit reports. FCRA also protects consumers by holding credit bureaus and creditors accountable for maintaining accurate records.

Be sure to ask for written confirmation to make sure fraudulent accounts and charges are removed. It is imperative that you update security settings, change passwords, and turn on two-factor authentication to help secure your account from unwanted access.