Calamity and tragedy always hits the other person or so we think. Crime rates are increasing and the incidences of identity thefts are escalating. Many are not even aware of when their identity was stolen. This problem does not affect the individual alone but also affects credit card companies and businesses. As soon as you have discovered that you have been hit, act fast to recover from identity theft effectively. You may not be able to get back the money that has been stolen from you but you can always prevent the thief from hitting you again.
If you are wondering what to do when your identity is stolen, start by placing a freeze on your credit report by calling one of the major credit bureaus which are Equifax, Experian and TransUnion. When you call one bureau, they will call the other two on your behalf. Now place an initial fraud alert on your credit report and you can extend the alert after you have filed a police report. Now the only way your credit report can be accessed will be by verifying that it is really you by contacting you at a specific telephone number. This reduces the chance of the thief misusing your identity to a greater extent.
The credit card companies will also have to be informed and it is best to do so immediately upon discovery. Your banks will also have to be informed and if it is your debit card that is missing, then the time within which you should do this, is of even greater importance. Money in those accounts is yours and unless you are able to gain a successful conviction with restitution you may not get it back, at all, if you call too late. So do it IMMEDIATELY!
File a complaint with the local or federal agency for law enforcement. This is important as this is where you get the clout to contest any and all fraudulent practices done in your name. Give them a complete list as well as the date and time of when you first suspected something was wrong. Intimate them with the details of the illegal accounts and checks and charges issued or made by the thief. Sometimes the thief will put in a change of address because of which you may end up losing account statements and important bank information. Notify the Postal Inspection Service department immediately of your correct address.
You can now make a list of all the fraudulent transactions that have taken place and then start contesting them. This takes time and effort but it has to be done by you as the law enforcement agencies can only do so much. Send your contestations in writing along with a copy of the theft report so that you can stop payment for checks issued after the loss.
Before closing any credit card accounts that were misused check with the bank to see if they can issue you a new account number. Remember credit histories are based on the length of time you have had an account and panicking could also affect your credit utilization rate and your credit score. Ask the merchants to show the transaction form to negate any claims and show them your signature sample to prove your point. Refuse to pay any amount that you are not responsible for as you have the law on your side.
Do not forget that this could happen again and thus be vigilant in all your transactions to avoid further trouble. As laypeople we can only do so much and it might be worth your while to consider an account with one of the professional credit monitoring agencies to help look after all your identity. You can also make it a habit to regularly check your accounts and dealings on a weekly or monthly basis. Now that you know what to do about a stolen identity spread the word that it could happen to anyone and give others your valuable advice.
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