How to Clear Your Name After Identity Theft

Once an identity theft occurs, it can be difficult to pick up the pieces of your financial life. The resulting damage can affect your chances of getting credit, cost you more in interest rates and even cost you money directly. After you are the victim of an identity theft, take the necessary steps to build your reputation and good name back up again. While it may take time and effort, it is possible to get things back to normal.

Instructions

1

Contact each of the three major credit bureaus to place a fraud alert on your credit reports. You will need to contact TransUnion, Equifax and Experian to notify them that an identity theft has taken place. At that point, the credit bureaus will place the alert on your account. When an alert is put on your account, it will be difficult for anyone to further access your credit without incurring problems.

2

Get copies of all of your credit reports from the credit bureaus. If you have not done so already this year, you can get a free copy of your reports from Annual Credit Report.com (see Resources). If you already accessed your credit reports early in the year, purchase additional copies from the credit bureaus. Once you get copies of your reports, examine them for identity theft activity such as opened accounts or bigger account balances.

3

Notify all of your financial institutions that an identity theft has taken place. Contact your bank, credit union and brokers to make sure they know an identity theft has occurred. Call credit card companies and any other creditors that need to know. In some cases, you will need to cancel your credit cards or debit cards and have new cards issued by the financial institutions. Once these entities know, it will be more difficult for the thief to access your accounts.

4

Notify the appropriate government agencies and authorities to report the identity theft, including your local police department and the Federal Trade Commission. In some cases, you may want to contact the Federal Bureau of Investigation as well. If you believe your Social Security number has been compromised, contact the Social Security Administration. You may also want to contact the post office to ensure that your mail is going to the right address.