Identity Theft – What if it Happens to You?

Even the most careful consumer can become a victim of identity theft. Here are some warning signs that you might be a victim:

• Bank, checking account, credit card or other routine financial statements stop arriving in a timely manner.
• You are inexplicably denied credit.
• Creditors start making calls seeking payment for purchases you didn't authorize.
• A new or renewed credit card is not received.

What should you do if it happens to you? Here are some important steps to take:

• Immediately file a police report. Many financial services providers, credit reporting agencies and insurance companies require such a report to verify your status as a crime victim.
• Quickly notify the fraud units of the three major credit bureaus - Experian, Equifax and Trans Union.
• Have a fraud alert statement - "My identity has been used fraudulently and all future applications for credit should be verified by calling me at (your phone number)." - added to you credit bureau account.
• Request copies of your credit report every few months until your identity theft has been resolved. Check closely to make sure all the information they contain is correct. Copies must be provided free to consumers who certify in writing that they have been the victims of fraud.
• Check with the post office to see if any unauthorized change of address has been requested in your name and notify the Postal Inspector if it has (See Postal Service listing under US Government in your phone book).
• Notify all those with whom you have financial relationships that accounts in your name have been accessed or opened without your permission and close all compromised accounts and open new ones. Remember to create new personal identification numbers and passwords for all new accounts that require such codes.
• Ask that accounts closed due to fraud be tagged, "Accounts closed at consumers request." This tag line helps protect your credit rating by letting credit bureaus know that problems arising from compromised accounts are not your fault.
• Check verification companies should be told of any stolen checks or fraudulent bank accounts.
• Confirm all contacts with follow-up letters. Keep copies of all correspondence and records relating to the fraud.
• Check credit reports after you have resolved you case to make sure they are accurate and no longer reflect any problems that may have arisen from the theft of your identity. Credit bureaus must correct inaccuracies by law.

Identity theft is never fun. But by taking the steps above, you can help to reverse the damage, and reclaim your good name and reputation.