Identity theft is when someone steals your personal information and uses it to commit fraud that is commonly tied to financial issues, according to the U.S. Department of Justice website. You can detect fraud by checking your credit card statements for charges you did not make, and monitoring your credit report for accounts you did not start. Once you detect identity theft, you need to act fast to help avoid financial disaster.
Fraud Alert
One of the first things you need to do after detecting identity theft is to contact the three major credit agencies and put a fraud alert on your credit profile, according to the Federal Trade Commission website. A fraud alert will prevent anyone from opening a new credit account in your name without your personal approval. It will require that every new account opened in your name be confirmed by a phone call to you at your home phone number. You will receive a free copy of your credit report once you put a fraud alert on your account. Analyze the report to see if there are any new accounts or transactions on there that you do not recognize and contact the appropriate creditors immediately.
Report It
The U.S. Department of Justice website encourages consumers to contact their local FBI or U.S. Secret Service office to report cases of identity theft. This way, there can be an official record of you reporting the theft and new credit accounts in your name can be treated as a crime. Your local law enforcement officials should be contacted as well to generate a local report that can be used for cases of local credit fraud. You should also contact the Federal Trade Commission through its website to get information on other legal steps to take, and to be routed to other law enforcement agencies that can help in getting back your identity.
Monitor
Monitor your credit reports from the three major credit agencies on a regular basis to see if any accounts show up that were started before your fraud alert. If new accounts do show up, contact the credit reporting bureaus and the creditors immediately. Be prepared to fax a copy of any police report or federal report you have identifying the problem as fraud committed by others in your name.
Creditors
Contact your current creditors and alert them to the situation. Ask that all of your current account numbers be discontinued, and that new credit accounts be issued. Discuss the issue with your bank and any entity that you have an installment loan with to prevent any new loans from being opened in your name. Watch your credit card and checking account statements carefully to see if any irregular activity begins to show up. Report any suspicious activity to your bank or your creditors immediately. Fax copies of your police reports and federal reports to your creditors and banks so they are completely aware of the situation.
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