Fight Back Against Identity Theft

Identity theft is a serious crime and in recent years has become more prevalent. Personal financial information has become a valuable commodity and identity thieves have become creative in the ways they can get hold of your information. Common theft methods include dumpster diving (looking for bills or other paper with personal information) or changing your address by diverting your mail statements someplace else. Since identity theft often involves mail fraud – a federal offense – federal sentencing guidelines are applicable to perpetrators of identity theft to the fullest extent of the law.

What identity thieves count on is that you won’t find out about what they’ve taken until they have opened a number of fraudulent accounts, or a loan, using your name and Social Security number. You might not even hear about any of these accounts until you get a call from a collection agency.

What to do if you have been a victim of identity theft

If you have been a victim of ID theft, experts suggest taking action as soon as you suspect foul play.

Step 1 – Notify the credit report agencies

When you believe that identity theft has occurred – either as a result of checking your credit report or being contacted by an account issuer – immediately contact the fraud departments of any of the three national credit reporting companies – Experian®, Equifax® and TransUnion®. Tell them you are a victim of identity theft, and ask them to:

• Place a fraud alert on your credit file, which should prevent any further credit from being granted without your approval. Making one call to place a fraud alert with any of the three national credit reporting companies will automatically place a fraud alert on all three of your credit files.

  When creditors see a fraud alert on your credit report, they will contact you for authorization before opening any new accounts. This course of action will also require creditors to obtain your permission when processing pre-approved credit card applications, which may have been intercepted and sent in by an identity thief. You can also opt-out of pre-approved credit card offers by calling the credit reporting agencies at 1-888-5-OPT-OUT (1-888 567-8688), and requesting an opt-out form.

• Ask for a copy of your credit report from each of the three credit reporting companies and check for additional fraudulent accounts, unauthorized charges, or inquiries you don’t recognize.

  Because different creditors sometimes may report to only one or two of the national credit reporting companies, ordering your credit report from all three can help you to know exactly how many accounts may have been fraudulently opened in your name, and which companies have placed inquiries on your report and why. If you are a victim of Identity Theft, you are entitled to a free credit report from each of the national credit reporting companies.

Step 2 – Notify creditors

Experts recommend that you make your creditors aware of any Identity Theft situation immediately to prevent further fraudulent use of your accounts. You may also want to keep a record of all dates, times, and contacts as you go through the process.