Victim of Identity Theft? This is What You Must Do

Victim of Identity Theft? This is What You Must Do!

It feels like someone is stealing money out of your wallet and you can only look on, helpless and hopeless, as they escort you to the poor house. An identity theft victim wants to confront their attacker, ask them questions like “Why?” and “Why me?” It is a normal, healthy feeling to want to face the person who has wronged you. Unfortunately, in most identity theft cases, this barely ever happens. However, that should not stop a victim from stopping the criminal in the act and repairing the damage.
     It helps to look at identity theft like one would look at serious flood damage in a home. The proper authorities must be notified and auditing of the damage, scrutiny, and cleanup must begin immediately. If you are a victim of identity theft, do not focus on confronting that attacker, because finding the source of your troubles will be a distraction from solving the problem. Often times, these attackers disappear so quickly that authorities are unable to track them.
     If you know that your identity has been stolen, there is no time for hesitation or contemplation of the situation. Contact the police. Given, this is not a case of life or death, but filing a police report will help you when you get to your credit card companies and banking institutions. Request a case number or file number for your records so that you may convey that to the issuing authorities down the road.
     Contact your financial institutions immediately and alert them of the situation. Request that all account numbers and information needs to be changed immediately. A good deal of these requests may need to be made in person, as this will simplify the process for you and the financial institution.

     For any fraudulent or illegal charges on any of your accounts, gather as much data about the transaction as possible, and notify the issuing authority. In the case of credit cards, the law dictates that you are only responsible for a maximum of $50 in fraudulent charges (per card). Dispute any unauthorized charges and comply with any requests your financial institution makes of you as soon as possible.
     Once you have handled your immediate finances (credit cards, bank accounts, lines of credit, brokerage accounts, and investments), it is time to stop the thief’s further undoing. Get in touch with all of the credit bureaus to put a fraud alert on your credit report. Though these three credit bureaus are in communication with each other, it is much safer to just go ahead and contact all three on your own. Request a copy of your credit report so you can see what unauthorized changes were made. This is one of the best ways to track the financial activity of a thief using your name to apply for credit fraudulently. Apply to a credit monitoring service to track and stop any future unauthorized changes.

The three credit bureaus that have everything to do with your credit availability and history are:

Experian,
TransUnion, and
Equifax.

It would also not hurt to call ChexSystems to make sure there are no mishandled bank accounts out there of which you are unaware. After you have alerted the powers that be about the breach of your identity, it is time to thoroughly assess the damage. Audit your credit report. Verify every single line item currently on each credit report. If you suspect any transactions are fraudulent, notify the company that did the transaction as well as the credit bureau.
     Even as a victim of identity theft, you can pull on the reigns and take control. It is a scary situation, but if you utilize the proper repair techniques and are diligent with your contacts, you will be able to get back to normal in time. Keep in mind that every moment after an identity theft is crucial to restoring your life. Do not hesitate or put the situation off. Organize your tasks and take back control of your life.