There is so much talk these days about identity theft, but so few people really understand what it is. What is even worse is that victims often do not know they have been taken advantage of until it is far too late. The ability to recognize if your identity has been compromised and what you should do about it is not as difficult as you ay imagine.
How To Tell If You Are A Victim
Most people do not monitor their credit reports regularly, but they should. Getting a recent credit report from one of the three major reporting bureaus is the key. This will help you find any discrepancies.
These errors can include accounts that you did not open or loans you did not make. In most cases, these fraudulent charges will also be in areas you are unfamiliar with or businesses that you have never patronized. If you see anything like this, chances are you are the victim of identity theft.
Another thing to keep an eye on is your own personal bank accounts. If they have had unexplained withdrawals and large monetary losses in a brief period of time, and you do not know anything about them, you are probably a victim of identity theft. These losses and mysterious lines of credit are huge red flags that consumers need to be mindful of. Related read: This Is How Much LifeLock Plans Cost
What You Should Do Now
Now that you know your identity has been compromised, it is time to take decisive action to prevent further problems. If you are a member of an Identity Protection Service, simply contact them first. They can begin the necessary paperwork and help you through the sometimes daunting process of fixing this awful crime.
Not everyone has the extra money to pay for one of these services, so you will have to take the appropriate steps to report it yourself. Here are the steps you should take:
1. File a Police Report. You have to contact your local law enforcement agency and file a police report. Be sure to get a number for this report because it will be needed later. Do not expect them to deploy tons of resources and man hours to tracking down your perpetrator (though it would be nice).
You are only using them to create a verifiable trail that you are doing something to help yourself. Now is the time to begin keep a record of everything you do, who you speak to, and what action is being taken on your behalf.
In fact, it is highly recommended that you place a freeze on your credit reports. The minor inconvenience caused by this freeze will prevent lenders from receiving and viewing your credit history. It is a very effective deterrent for identity thieves.
2. Contact A Credit Reporting Bureau. You have to contact at least one of the three major credit reporting bureaus. You will need to verify your identity with them and file a Fraud Alert. They do share and compare information, so it is not necessary to contact all three, but you are certainly welcome to do so if it makes you feel better.
The Fraud Alert is way of letting them know that your identity has been compromised and your credit reports are not accurate. Each of these three companies will also furnish you with a free copy of your credit report that they have on file. Double check each of these for erroneous accounts and debts that you did not accrue. Related: Monitor your credit with LifeLock
You can also contact the companies with which the frauds were committed and ask that those accounts be closed immediately. In fact, it is highly recommended that you place a freeze on your credit reports. The minor inconvenience caused by this freeze will prevent lenders from receiving and viewing your credit history. It is a very effective deterrent for identity thieves.
3. File an Identity Theft Affidavit with the Federal Trade Commission. This often overlooked step is probably the most important. The FTC will require proof that you have reported this crime to the appropriate agencies (so, here is where that police report number is needed). In most cases, they will also ask you to verify who you are (again).
However, once you have this Affidavit, you will be able to have fraudulent charges removed from your credit reports. With the proper documentation, these can be taken off in as little as four business days. Related read: Save on LifeLock with this deal
You do not need to sit idly by as a victim of identity theft. Actually doing something positive will help you regain your peace of mind and reestablish your own identity. And, that will make you feel better than a victim with no where to turn.
Do you think you have the time to deal with clearing your name from ID theft?
Sometimes I just can’t believe how some companies disregard personal privacy by being so reliant on free web-based software. Here’s what I mean. I was recently invited by a company to join their product testing but they wanted to see my resume. I thought of emailing it to them directly but they wanted me to upload it on a free web-based platform which I found too dangerous to do. If companies do not know how to protect their consumers or even clients, no one is going to be safe.
I have read stories about identity theft victims who have lost everything and still their names aren’t clear yet. There’s just so much to lose when one becomes a victim. It’s a helpless situation for the victim.