The most distressing part of being an identity theft victim is that phase where you have to pick up the pieces and recover from the financial slump that you did not expect you’d be in. When you’ve fallen prey to predators that are out to steal your information for their own financial gain, what is the best way to restore yourself after being taken for a ride by perpetrators of this insidious crime?
There are incidents where you’ll find yourself trapped in a web spun by hackers and criminals who are devoid of guilt. These people place you in a situation where your finances and credit worthiness are jeopardized because it was tampered with.
Because of the rising number of crimes related to identity theft, government and private sectors from across the nation are working double time to help deter this felony. Campaigns and programs which push Identity theft resolution programs call for action and ways for people to get back on track and also to prevent US citizens from falling for that cunning and destructive trap.
Understanding identity theft recovery
A victim of identity theft can be a person who was misled by the clever yet deceiving methods that identity thieves periodically come up with. This can be through the Internet or through traditional ways of stealing personal and financial information. To recover from financial crimes such as credit card or tax fraud can deplete one’s energy, not to forget, finances- as it entails work and requires time and money to have records and files straightened out. What’s more sad is, the money lost due to this crime can unfortunately very rarely ever be recovered.
Identity theft’s what to do 101
However, identity theft solutions provided by different US organizations make it easier for consumers to get back on their feet again. With the aid of government authorities working together with financial institutes, reporting the crime has been made less complicated. The FBI has dedicated a portal that gives vital and complete information and gives sound advice on what to do for victims of identity theft. The government-maintained website gives tips on how to protect oneself and how to get help if a citizen finds him or herself in an identity theft quagmire, the steps they advise taking are listed below.
Step One: Contact the fraud department of the three major credit bureaus
- Experian (TRW) 888-397-3742
- TransUnion 800-680-7289
- Equifax 800-525-6285
Step Two: Contact the account issuer in question
- Ask for the fraud/security department of the compromised or fraudulent account issuer.
- Notify them by phone and in writing.
- Close all tampered or fraudulent accounts.
- Ask about secondary cards.
Step Three: Contact your local police department
- Notify the police department in the community where the identity theft occurred.
- Obtain copies of all police reports made.
Keep a detailed log of all contacts:
- Location called.
- Name of person(s) you spoke to.
- Title and call back number with extension.
- Ask and write down what the procedures are for that entity.
More handy tips to help recover from identity theft
After we’ve discovered the woeful incident that has happened to us, reporting to the authorities and filing for credit disputes are the standard measures that we have to immediately employ. The Federal Trade Commission (FTC) has a Fraud Affidavit to help simplify the procedure:
The ID Theft Affidavit provides a model form that can be used to report information to many companies, simplifying the process of alerting companies where a new account was opened in the victim’s name. Previously, victims of identity theft often had to fill out a separate reporting form for each fraudulent account opened by the identity thief. Developed by the FTC in conjunction with banks, credit grantor’s and consumer advocates, the ID Theft Affidavit is accepted by participating credit issuers, retailers, banks, and other financial institutions. For a copy of the ID Theft Affidavit; log on to www.ftc.gov/bcp/edu/resources/forms/affidavit.pdf, or call1.877.ID.THEFT.
Staying safe in the future
Once these things are accomplished, the proactive initiative of protecting ourselves and making sure we do not experience the same mishap again should take place. Reinforcing protection and security of our finances is paramount. Vigilance and going the extra mile to safeguard ourselves from the crime is the extra layer of identity theft prevention that will help us sleep well at night.
Identity theft checks should be a habit that goes along with regular credit monitoring. This practice allows a consumer to check if there are questionable and suspicious activities going on in their accounts. Some consumers think that this is such a hassle and can affect his or her credit score, when in fact; regular credit monitoring is a healthy financial habit that consumers should practice. When credit checks are done by the consumer no one sees that but you so it is not harmful, it’s helpful. Being cautious is not a sign of paranoia but just helps us defend ourselves from the perils of identity theft and fraud.
Understanding the risks of transacting in cyberspace and relying on technology is one of the most important factors that we have to look at with utmost diligence. Realizing that identity theft and fraud rampantly happens online will allow us to be more discerning in our activities over the Internet. Technology plays a major role in making our lives easier and more efficient but we should also remember that hackers utilize this platform to con us in multiple ways.
Another important identity theft tip to remember is to keep both digital and non-digital forms of communication, like emails, letters and billing statements secure. They should also be disposed of properly. Passwords to emails and other online accounts should be not be shared to other individuals, at the same time, mailboxes and post office boxes should always be checked and cleared of any mail to avoid other people from getting access to your personal information.
These tips may seem mundane for most, especially for those who have not been a victim of identity theft. However, these are things that help us prevent the unnecessary pain and stress that fraud and identity theft brings. By allowing ourselves to recognize and understand the matter and the risks that it entails, we not only keep ourselves protected from this crime, but we also help deter it by sharing the information with our family, friends and loved ones.
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