How to Deal with Identity Theft

Suspecting that you may be the victim of identity theft is scary.  You may be wondering: How long has this been going on?  How far reaching is it?  How much money has been stolen from me? How has it affected my credit history?  You may even be feeling overwhelmed and helpless.  But there are things that you can do today to begin to regain control.

Act fast.  This limits your liability.  It also reduces the steps you have to take to recover from identity theft.

Step 1—Contact Your Bank or Credit Union

Contact your bank, credit union, or the issuer of your debit or ATM card.  Most companies have toll-free, 24-hour phone numbers. Be sure you document the date and time of your call and the name of the person you talked to.  You may also want to follow up with a letter the next day.  Include your account number, when believe your identity was stolen, when you reported the issue, and the name of the person you spoke with.

Step 2—Contact Your Credit Card Companies

Next, you will want to contact credit card companies.  Report that you believe your identity has been stolen.  They will likely change your account number. Again, you may want to follow up with a letter.

Step 3—Place a Fraud Alert on Your Credit Files

You need to control the information going in and out of your credit report.  This is done with a fraud alert.  A fraud alert also stops any new accounts from being opened in your name without your authorization.  Once you have set up a fraud alert you are then able to get a free copy of your credit report from each of the three credit reporting agencies – Equifax, Experian and TransUnion.  This is not the free credit report you are entitled to receive once per year from each of the three credit reporting agencies.  This is an additional free report.

Once you receive your credit reports, read them carefully and look for any unauthorized accounts opened in your name.  Then, contact the companies directly and ask to speak to their Fraud Department. Explain that you are a victim of identity theft.

You may want to consider a credit freeze.  This is also called a security freeze. This locks your credit down.  Any application of new credit will be denied.  This includes any applications that you submit unless the credit freeze is lifted.  In many states, there are fees for establishing and lifting security freezes.

Step 4—Create an Identity Theft Report

The next step is creating an Identity Theft Report, which is made up of an Identity Theft Affidavit filed with the Federal Trade Commission (FTC) and a police report filed at your local police station.   This creates a physical record of your claim that someone has stolen your identity.

Step 5—Be Vigilant

Check your bank or credit union statements, credit card statements, and credit reports regularly for the next several months to make sure there are no additional actions taken using your credit.  Open and review your mail, too.  Watch out for any bills, invoices, or collections notices that do not belong to you.

For more information on spotting identity theft, visit Taking Charge:  What to do if Your Identity is Stolen and IdentityTheft.gov.