What to Do if You Are a Victim of Identity Fraud

There are certain things you really should do if you are a victim of identity theft. Most of the time victims are burdened with the task of solving the problems themselves. These tasks could take lots of time and effort or your part but stay focused. There are agencies and organizations that can help you, so it is important that you act quickly to minimize the damage to you financial affairs.

When resolving incidents of identity fraud, it is best to keep a log of all the steps you have taken to get things repaired. This includes all conversations, plus dates, times, names, and phone numbers. Furthermore, it’s best to confirm conversations in writing. Be sure to send all letters in regards to the identity fraud by certified mail with a return receipt requested. By sending certified mail you have proof that the credit bureau received it. Additionally, keep copies of all letters and documents.

It has been reported that the average time that it takes for someone to find out that they have become a victim of Identity theft 1s 13 months. Therefore, it is extremely important to complete the following four tasks as soon as you become aware that you have become an Identity theft victim:

• Contact the police department where the identity theft took place. Then obtain a copy of this police report. Do this in case you need to send a copy to your bank, credit card companies, and to any others who need proof of the crime.
• Call or write the three major credit-reporting agencies fraud departments and inform them about your identity fraud. You should request that a fraud alert be placed on your file. Also, request that no new credit be granted without your okay.
• Close all accounts with banks and credit card companies that were gotten into or opened by the thief. Remember your quick actions are needed if you are a victim of identity fraud. You must notify your banks and other financial places within two days of learning of your identity theft. You may be responsible for the first $50 of your loss. Most of the time, the victim does not have to pay a dime.
• Open a new checking and saving account with new account numbers and passwords. Use passwords that are not easy to figure out by thieves. Do not use these as passwords: your mother’s maiden name, your birth date, your pet’s name, your children’s name, last four digits of your social security number, or anything easy to figure out.

Contact the Federal Trade Commission (FTC) Identity Theft Hotline for more information on protecting your identity and what to do if you are a victim of identity theft:  http://www.consumer.gov/idtheft/index.html.

Article by Wil G.

This article was featured in the Carnival of Wealth and Canadian Finance Carnival.

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