Identity Theft? – That Can’t Happen to Me (Part 2)

Part 1 of this series describes just how I became a victim of  identity theft, despite believing that I would never fall for such schemes. I went through the array of emotions that all victims face and then I got busy fixing the problem. I found the Federal Trade Commission’s Identity Theft website provided me with the best assistance and have listed out the individual steps every victim should take to recover from identity theft.

Credit Reporting Agencies

The first step is to notify the three major credit bureaus that your credit and social security number have been compromised. You can call whichever one you prefer because once you call one, the other two will be notified. You will need to explain the situation to whomever you get on the phone.

Set Up a Fraud Alert

The FTC will assist you in putting a Fraud Alert on your social security number. From that moment on, if anyone tries to access your social security number to open new lines of credit, you will be notified. Once you set up a Fraud Alert, you will receive a phone call any time something changes on your credit. This Fraud Alert lasts for 90 days. After the 90 day period, you will need to take over the full responsibility of monitoring your credit.

Request Your Credit Reports

You will also want to request a credit report from them. You are entitled to request one free copy of your credit report from each of the three credit reporting companies per year. This report will allow you to check and see if there is new activity. It will also give you a starting point. You will need to continuously monitor your credit over the next year or so. The original reports will allow you to compare later reports to see what has changed. If you find any changes immediately, you will want to close those credit accounts immediately.

Close Compromised Accounts

The next step is to go into your bank and close your compromised accounts. You will need to explain the situation to the representative and they will walk you through the process of closing the old accounts and opening the new accounts. You want to make sure that you change your account numbers, checkbook numbers, and PIN numbers. Typically your bank will have a process that they use when things like this happen. Before they close the account, they will go through all of the recent transactions to make sure that nothing additional has occurred on your account. Also, be sure to cancel any recurring charges that may be scheduled on your account to avoid any late fees or additional issues.

File a Complaint

Next you will want to file a complaint with the Federal Trade Commission. Call 1-877-ID-THEFT. You will need to explain the situation to the representative. They will use your information to help law enforcement track down identity thieves and it will also protect you from any future litigation that could occur.

File a Police Report

The last step is to call your local police and file a report. This step is essential. Tell them that you want to file a report about your identity theft. Sometimes police stations have different processes for filing this particular kind of identity theft. Once you do, request a copy of the report and keep it in your wallet for the next couple of years. The reason that you want to do this is pretty simple. If the hacker decides to open credit in your name (after your alert has expired), create and use bad checks, or default on accounts they have created you may have a bench warrant issued in your name. If this happens, you can show the would-be arresting officer your police report and save yourself from an embarrassing situation.

Once you have completed these steps you will be well on your way to recovery. Though these steps will help you rebuild your financial security, it will take some time to rebuild your confidence. You will find strength in educating yourself and taking control of the situation.

Check back soon to see Part 3 which will discuss ways to avoid becoming a victim of Identify Theft.