The Federal Trade Commission estimates that more than 9 million people in the United States are victimized by identity theft each year, and the cost to recover your identity can run into the thousands of dollars and take years to complete. It is important to know what to do when you first find out your identity has been stolen.
Immediate Action
When you find out that your identity is stolen, you should immediately call all three credit reporting agencies to put a red flag on your credit account, according to the nonprofit consumer fraud resource website Fraudaid.com (see Resources). A credit red flag lasts seven years, and it will mean that every time someone tries to open a credit account in your name, you will have to give approval by phone. This also will apply to any accounts you attempt to open in your own name. You will also want to contact immediately the Social Security Administration. It will put a flag on your Social Security number that will track all activity associated with that number to try and find the person that stole your identity.
Financial Institutions
Keep a list of all of your credit card companies and their customer service numbers somewhere in your home. Do not put your account numbers on these lists in case someone steals it. If you have such a list, you can refer to it to warn every one of your creditors that your identity has been stolen. This should also be done by phone and it should be done quickly. If you have the opportunity, go to your main financial institution in person to have the situation noted and sign any documents they need you to sign.
Long-Term Actions
Monitor every piece of credit you have by watching your statements when they come in the mail, and stay in touch with all of your creditors and the credit reporting agencies to start the process of reclaiming your identity. Keep detailed records of everything that happens regarding your Social Security number and credit accounts, and you might also want to retain the services of an attorney who is experienced in helping people reclaim their identity.
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