I’M A VICTIM OF IDENTITY THEFT. WHAT DO I DO?
If you’re a victim of identity theft, the harm done can be significant and long lasting. You must act quickly and assertively to minimize and reverse the damage. Get Organized. Keep a detailed log of all conversations, when you deal with authorities and financial institutions. Note, we have prepared an Action Log that you may use to keep track of dates, names, and phone numbers. Make sure, you also note the time spent and any expenses incurred. Confirm conversations in writing. Send all correspondence by certified mail (return receipt requested) and maintain copies of all letters and documents.
1. Assess the Damage
How did you learn that you are a victim of identity theft? Did you get bank or credit card statements with charges you did not make? Are you receiving calls or letters from debt collectors? In addition, depending on your initial assessment, how extensive you think the damage is, and how likely it is for thieves to continue using your personal information, you may want to place a FRAUD ALERT along with a CREDIT FREEZE on your credit.
2. File a police report
Note: Knowingly submitting false information could subject you to Criminal prosecution for perjury
A police report that provides specific details of the identity theft is considered an Identity Theft Report. This report is very important because it entitles you to certain legal rights.
An Identity Theft Report:
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is needed to place an extended fraud alert on your credit report
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can be used to permanently block fraudulent information, such as accounts or addresses, from appearing on your credit report
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can prevent a company from attempting to collect debts that result from identity theft, or selling those debts to others
Where should you file your report?
File your identity theft report with your local police department. Provide any information you have about the crime, when it may have occurred, list of fraudulent accounts, and whom you suspect. Update your police report with any new information or new fraudulent activities.
Request a copy of your filed report and keep it for your records. This report helps you deal with creditors and credit reporting agencies who need proof of the identity theft.
3. Contact the Credit Bureaus
Since most creditors will look at your credit file before granting credit, you need to contact the consumer reporting companies immediately if you’ve been a victim of identity theft. You have several options:
FRAUD ALERTS:
You have the right to ask the nationwide consumer reporting agencies to place a “fraud alert” in your credit file. Fraud alerts can help prevent an identity thief from opening any more accounts in your name. A fraud alert can make it more difficult for someone to get credit in your name because it tells creditors to follow certain procedures to protect you. For example, you can ask potential creditors to call your cell phone before a new account is opened. There are two types of alerts:
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Initial Alert stays in your file for at least 90 days. An initial alert also entitles you to a free copy of your credit report from each of the consumer reporting companies.
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Extended Alert stays in your file for seven years. An extended alert entitles you to two free copies of your credit report in the 12 months following the placing of the alert from each of the consumer reporting companies. Note, an extended alert may only be placed if you have filed an Identity Theft Report with a police department. In addition, the consumer reporting companies will remove your name from marketing lists for pre-screened credit offers for five years, unless you ask them to put your name back on the list before then.
Contact the toll-free fraud number of any of the three consumer reporting companies below to place a fraud alert on your credit report. You may also write to them. You only need to contact one of the three credit reporting companies to place an alert The company you contact will inform the other two credit reporting companies. However, you should follow up with the other two credit reporting companies to see if the alert has been placed.
CREDIT REPORTING COMPANIES
Equifax
1-800-525-6285
P.O. Box 74024
Atlanta, GA 30374-0241
Experian
1-888-379-3742
P.O. Box 9532
Allen, TX 75013
TransUnion
1-800-680-7289
P.O. Box 6790
Fullerton, CA 92834-6790
The credit bureaus will require proof of your identity, such as name, social security number, address, in order to place a fraud alert on your credit report.
Once a fraud alert is issued, any further request for credit by anyone, will require verification of your identity before credit is issued. Naturally, this may cause additional delays, even when you apply for credit. To minimize this delay, provide a phone number where you can easily be reached at the time you place a fraud alert. Make sure all contact information in your alert are up to date.
CREDIT FREEZE: Another option is to place a freeze on your credit report. This will prevent sharing your credit report with potential creditors. Since most businesses do not issue credit without checking a credit report, placing a credit freeze can stop identity theft.
Identity theft victims cannot be charged any fees for requesting to place or remove an alert or credit freeze in their report, as long as you provide the credit bureaus with a copy of your police report.
Review Your Credit Report
Carefully review your credit reports for credit inquiries from companies you did not request credit from, account you did not open, or debts you cannot explain. Check that personal information, like your Social Security Number, address(es), name or initials, and employers, are correct. If you find fraudulent or inaccurate information, get it removed. Section “Credit Bureaus & Correcting Fraudulent Information” describes steps to correct your credit report. Continue monitoring your credit report for any fraudulent activity. Update your police report with any new fraudulent activity you discover.
