What to Do in Case of Identity Theft

Immediately after you find out that your identity has been stolen, there are things to be done quickly to minimize the damage of identity theft and fraud. First, it is important to contact law enforcement agencies, financial firms, and credit reporting agencies to inform them of the event. Keep a log of the names of the persons you contacted, their phone numbers, and date of the calls. In addition, ask for return receipts when you send out letters, it is recommended because it provides proof of correspondence.

Also, ask the three major credit bureaus to put a “fraud alert” on your file so that your credit rating won’t be damaged by the actions of the identity thief. The three credit bureaus are TransUnion, Experian, and Equifax.

File a Police Record

Go to the local police and retain a copy of the police report. Financial institutions, especially credit card companies, typically ask clients to verify the crime. The police record will help your case. In addition, it is important to keep the name and number of your investigator for verification later on.

Contact the Creditors

Any accounts that had been fraudulently opened should be closed. Contact the security department and the billing section of your creditor to ask them to close or modify your accounts. Remember to use a new password on new accounts. Take note that you should ask the financial firm to close your account at “the consumer’s request”. Having, “a card stolen or lost” is not good because credit bureaus may blame you for the lost.

Obtain a Copy of Your Credit Report

If you’re a victim of identity theft and fraud, it is crucial to monitor your credit activity every several months. The credit bureaus can provide a free copy for you. Ask them to remove any inquiry that was fraudulently done because it can lower your credit score.

Contest Fraudulent Bills

Consumer advocates advise that you should not pay any bill that was fraudulently charged due to identity theft fraud. Filing for bankruptcy because of the actions of an identity thief is not recommended because it will do significant damage to your credit rating and reputation. Contesting fraudulent bills can be frustrating but not difficult. Overall, it is worth the effort. Don’t be coerced into paying any bill you didn’t charge, if a merchant suggests you do otherwise, report them to government regulators.