(DailyChive.com) – One day, you may notice charges on your credit cards or bank accounts that you didn’t make. Or you may receive bills or notices for accounts, such as utility bills, credit cards, or loans, that you didn’t open. In these cases, it’s possible that someone has gained access to your personal financial or online login and password information and is accessing your accounts and leveraging your information for their monetary gain.
When identity theft is happening, you must resolve it sooner rather than later. When you realize you are an identity theft victim, you must take actions to methodically removing the identity thief’s access to your accounts.
Verify the Identity Theft
The best way to verify a stolen identity is to carefully monitor your accounts and bills. If you see charges from places you’ve never been to or don’t recognize a purchase, these are signs of identity theft. Have there been withdrawals from accounts you didn’t make? Are there bills you usually pay that suddenly stop appearing in the mailbox? These are all indications of a stolen identity.
Collecting and reviewing your credit reports is a sure way of verification. You can get free annual credit reports that might reflect mistakes that indicate identity theft. For example, if your credit report shows accounts you didn’t open, inquiries from companies you never contacted, or past-due accounts you don’t recognize, you have just verified that you have been a victim of identity theft.
Inform Your Bank and Credit Card Companies
Immediately call or contact your bank and credit card companies so they can freeze debit cards, credit cards, and account activity. Speak with someone in the fraud department for each account that someone has compromised and follow up with certified letters and copies of supporting documents.
Meanwhile, dispute fraudulent charges made on the compromised accounts to release you from the obligation to pay them. Once you resolve your identity theft dispute and any fraudulent debt has been discharged, systematically close down compromised accounts and reopen new ones. When reopening new accounts, fortify accessibility with personal identification numbers (PINS), strong passwords, and multi-factor authentication.
Activate a Fraud Alert on All of Your Credit Reports
After reviewing your credit reports and confirming identity theft, you can place a fraud alert that makes it difficult for someone to initiate a new credit account in your name. If someone attempts to open an account using your financial or personal identity, the company must thoroughly verify the identity before issuing new credit in your name.
Contact one of the credit bureaus, such as TransUnion, Experian, or Equifax, to place a fraud alert. You don’t have to contact all three because the one you contact will inform the others to establish their own fraud alerts. Activating fraud alerts is a free service and lasts one year once initiated. After that, you can choose to renew them if necessary.
Report Identity Theft to the Appropriate Authorities
Local, state, and federal entities can help with your identity theft complaint. Filing complaints help to generate documentation like police reports to back up your claims of fraudulent activities. Three ways you can file a complaint are:
- You can report the identity theft to the local police as you would any crime.
- Your state’s attorney general may have a consumer protection department in which to file a complaint.
- File a complaint with the Federal Trade Commission (FTC).
Don’t Hesitate to Repair the Damage
Some identity theft victims may feel embarrassed that this happened, and this may cause hesitation to resolve issues. However, you should know that 33% of Americans have experienced some form of identity theft at some point, and there is a new identity theft victim every 22 seconds. So as soon as you see the signs of identity theft, don’t hesitate to take steps to repair the damage.
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