Identity Theft Survival Guide: What to Do Next

You may be one of these people who is painstakingly careful with the security of your personal information. You don't share sensitive data about yourself unless it is absolutely necessary, and you take numerous precautions to keep people from stealing your identity.

But then it happens. A phone call from a debt collector about overdue charges on a credit card that you do not own. A credit card in the mail that you know you didn't apply for. A rejection of something you are seeking because of a low credit score which you are sure is not accurate.

Discovering that you are a victim of identity theft can be devastating and frustrating. So if this ever happens to you, here are the steps you need to take:

1. Notify the credit bureaus. Actually, all you have to do is inform one of the three bureaus (Experian, TransUnion, or Equifax) and the other two will automatically be advised. Tell them that you've been a victim of identity theft, and the credit bureaus will enact a fraud alert on your accounts for 90 days.
2. Get your credit report. You can request a free copy of your credit report from all three bureaus at any time if you are an identity theft victim. Once you receive these reports, examine them closely and identify the incorrect information.
3. Notify your creditors. When you see an inaccuracy in your credit report, you should inform both the credit bureau and the creditor in writing. Tell them that your identity has been used to open a fraudulent account. Banks who issue your credit cards will likely close your account, open a new one, and mail you a new card.
4. Contact the police. Don't talk to an automated system; go down to your local police station and file a report in person. You'll need a copy of the police report to extend the 90-day fraud alert to seven years. This is a good idea; you can always cancel the alerts if the problem is solved.
5. Consider freezing your accounts. If you like, you can request that your credit reports be frozen. This means that the three credit bureaus won't process any more requests for credit without your permission - which should reduce or eliminate any further fraudulent accounts being opened under your name.
6. Contact the Federal Trade Commission. Give the FTC your police report number, in addition to all of the other relevant information. This may help investigative agencies track down the identity thieves.
7. Be patient and vigilant. You may have to field credit inquiries for months or even years after you report an identity theft. Keep checking your credit reports every few months or so to see if the unauthorized activity has indeed ceased. If anyone orders you to pay a debt that isn't yours, get their name and contact information and tell them that you've been a victim of fraud.

The cold truth is that identity theft can happen to anyone through no fault of their own. So it's important to know what to do if you ever find yourself in this distressing situation.

wikinvest.com