Identity theft - What to do if you are a victim

What if you become a victim of identity theft? Identity theft or credit theft happens to many unsuspecting people, so it might easily happen to you.

Working your way out of trouble if you have been victimized by a criminal intent on taking your identity can be a frightening experience. Identity theft and credit theft is a growing problem, and based on information from some estimates, will happen to several million Americans this year to one degree or another. Theft of identity could be as simple as acquiring access to your eBay account or it could be as complicated as buying a home in your name and leaving you with the mortgage payments.
 

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It can affect anyone, even if they have taken great precautions to avoid being victimized. The criminals participating in these activities are becoming smarter every day, and it's difficult to keep up with the latest methods of theft if you are busy with other things, such as living a normal life.

Listed below is a checklist of a few things you may want to do if you think your identity has been stolen or compromised.

File a police report - A mortgage company isn't going to write off a $200,000 loan simply because you tell them, "I did not buy that"; you need legal proof. It may not catch the criminal, but filing a report to the police will go a long way towards persuading your creditors that you have, really, been scammed. If it is in your name, you are accountable for it unless you can demonstrate otherwise, so you need to report the matter to the authorities.
 

Cancel any accounts from stolen charge cards - They will probably issue you a card with an altogether different account number. Contact your bank about obtaining a replacement for your debit card. Ask your issuing bank for new cards to replace the stolen ones.

Contact the three primary credit bureaus - Call Equifax, Trans Union, and Experian and tell them that you have been victimized. Fraud alerts do not always work, but they represent a good effort towards clearing up an identity theft problem The credit bureaus can put a notation in your credit report. In theory, such a notation, known as a "fraud alert" will require that you be informed should anyone attempt to open a credit card account or take out a loan in your name..

If possible, freeze your credit report. A few states only allow freezing credit files if you have been a victim of identity theft, so you might have to produce a police report to substantiate it. Without a credit inquiry, no one can borrow money on your behalf, so a freeze becomes a preventative measure. Some states help you to put a freeze on your credit that will prevent anyone from doing a credit check on you until you unlock it.

It could take months, or even years, to altogether get rid of of damage done by a crook. The process of recovering from identity or credit theft is laborious and not a whole bunch of fun. It is a smart idea to keep all of your financial information in one secure place so that you can access all of it in a hurry should you need to when an emergency strikes.