How Do I Handle Identity Theft?

Identity theft is one of those things that you always hear about but think can never happen to you. The truth is that millions of people have their identity stolen every year. When someone steals your identity, it is important to know what to do so that it will have a minimal impact on you, your livelihood and your finances.

Instructions

1

Contact the credit bureaus. When you learn that you have become a victim of identity theft, contact the credit bureaus to let them know. You'll want to contact the three major bureaus: Equifax, Experian and TransUnion. Contact the bureaus by phone and let them know your identity has been compromised.

2

Place fraud alerts on all of your credit reports. When speaking with the credit reporting agencies, you'll want to make sure to have a fraud alert placed on your credit reports. A fraud alert is basically a statement on your credit report that says you have been or believe you could be a victim of identity fraud and that you wish to be contacted prior to any new credit being issued. If someone applies for credit in your name, you will be contacted by phone or mail to verify that you are applying for the credit. Without your verification, the credit account will not be allowed to go through.

3

Contact the Federal Trade Commission and tell them of your situation. Some think that contacting the FTC is a waste of time thinking it only goes after the biggest crime rings. While this is true for the most part, the FTC keeps a file of all identity crimes so it can see patterns developing. This helps to stop the crime rings before they get too big.

4

File a police report. A police report puts your situation in writing. Make note of anything that may have been stolen, including credit cards, Social Security cards, bank accounts and drivers licenses. Ask for copies of the police report to send to your creditors as this will often help with relieving your liability for unauthorized charges.

5

Change your passwords. This is especially important if the identity theft occurred online. Make sure to change all of your passwords, not just those associated with the accounts that have been compromised. Often, criminals will leave some accounts alone hoping the victim will change only the accounts that have been taken over and then compromise the remaining accounts once the victim thinks they are safe.

6

Replace your cards and documents. You'll need to get new credit cards, debit cards and bank accounts. You may also need a new Social Security card, drivers license, insurance cards. Make sure every department you go through is aware that you were a victim of identity theft so they will know of any safeguards that need to be taken.