What to Do If Your Identity is Stolen
Being a victim of credit theft can be both scary and maddening.
After all, you’ve been robbed. But you don’t have time to indulge in emotions. A
stolen identity can have lifelong consequences. You need to take
action right away.
When an imposter uses your identity to obtain credit and make fraudulent purchases
with no intention of paying back the debt, it can result in negative payment history
and the lowering of your credit score. This can ruin your chances of obtaining new
credit, a loan or mortgage.
Are you ready to take action?
Here’s what to do if your identity is stolen.
Keep a credit theft folder
Document everything and keep it in a credit theft folder. Write down the details
of every conversation you have regarding the stolen identity. Every time you make
a phone call, write the business name, phone number, date and time of your call
and the names and titles of the people who helped you. To be safe, follow each important
phone call with a letter detailing the conversation and send it Return Receipt Requested.
Keep copies of all letters, emails, correspondence, postal receipts and your call
log in your credit theft folder. Every time you take a step toward clearing your
name, document it and put it in your folder.
Call the police
File a report with your local law enforcement agency as soon as you discover any
form of credit theft or stolen identity. If the theft occurred out of town, report
it to the police in that location. When you call the police and file a report, get
the police report number and the name of the investigator. Give that information
to all the companies you contact as you seek to clear your credit. Keep all records
in your credit theft folder.
Call your credit card company
In the case of credit card theft, call the creditor’s credit card
theft line, report the stolen identity and cancel your card(s) immediately. Ask
that any affected accounts be documented as “closed at customer request.” Document
the phone call and request a confirmation letter from each creditor. When you get
new account numbers, make sure to protect them with passwords and continue to monitor your credit.
Contact the credit bureaus
Call the fraud departments of the following three credit bureaus as soon as possible.
The goal is to report the fraud before it can impact your credit score. Make sure
you get all three agencies to flag your accounts right away with a “fraud alert.”
If there are fraudulent transactions already on your credit report, you will need
to dispute the credit report information.
Equifax: (800) 525-6285
Experian: (888) EXPERIAN (397-3742)
TransUnion: (800) 680-7289
Disputing credit reports months after a stolen identity has damaged your credit
is a lot of work. In this case, ask to add a victim’s statement to the report which
will include your name, address, the exact circumstances of the credit theft
and your telephone number. Have each credit bureau send a copy of your report to
keep in your folder.
Track your credit reporting by ordering new copies of your credit report from each
credit bureau a few months after the credit theft incident is resolved. This will
help you verify that the incident did not negatively affect your credit and that
no new fraudulent activity has occurred.
Identity thieves often strike the same accounts repeatedly, so you need to monitor
your credit reports closely for a while. Bear in mind that identity thieves may
still find ways to open new accounts, even with a fraud alert in place. If that
happens, dispute credit report inaccuracies as quickly as you can. If you are a
victim of stolen identity, and you take action right away, you
may be able to clear your name and remove fraudulent credit reporting before it
can impact your credit score.