Dealing with Identity Theft
Identity thieves illegally obtain personal information such as a social security number or bank account number and use that information to steal money from the victim's accounts, set up new bank accounts or credit cards in the victim's name, or even pay taxes or file for bankruptcy in the victim's name. Any of these things can destroy the victim's credit rating, and regaining your good financial standing can be a long and difficult process. If you are worried about identity theft, here are some precautionary steps:
Don't give out personal information over the phone, by mail or on the internet unless you have initiated the contact and know exactly how the information will be used and whether it will be shared with others. If someone contacts you and you think it might be legitimate, break the contact and use a phone number or web address that you know to be valid to reestablish contact. Never use a phone number or email link that they provide, as these may be traps set up to look like the real thing.
Protect your social security number. Never have it printed on your checks or driver's license, and never carry your card in your wallet. Only give out your number when necessary, such as applying for store credit, where it is used to perform a credit check. Even then, ask if you may give your number verbally without putting it in writing.
Don't leave personal or financial information sitting around outside your house. Before throwing anything in the trash, shred documents such as credit card receipts, old credit cards, credit offers, or bank, medical or insurance statements. Also, collect your mail promptly, and use a post office collection box for your outgoing bills.
Pay close attention to your billing cycles. If your bills are even a couple days late, contact your creditor. Late or missing bills could mean that an identity thief has changed the mailing address on an account to avoid detection.
Access free annual copies of your credit report from all three national consumer reporting companies at www.annualcreditreport.com or call 877-322-8228.
If your personal information has been lost or stolen, quickly close all accounts and open new ones that are password-protected. Call any of the three national consumer reporting companies and put a fraud alert on your credit reports. Cancel your driver's license, get a replacement and have them flag your file so that no one else can get an ID in your name. Report any theft to the police. (See also information below.)
The precautionary steps above are simple, useful actions that everyone can take to protect themselves. However, identity thieves are clever and, despite all precautions, you could still become a victim. Some common signs that a person has become the victim of identity theft are bills that do not arrive, unexpected credit cards or account statements, being denied for credit or offered very poor credit terms, or calls or letters about unknown purchases. If this happens, you can put your financial life back together using the following steps.
Place a fraud alert on your credit reports. This alert will ensure that creditors must verify your identity before making any changes to your accounts or opening new accounts. It is only necessary to call one of the three consumer reporting companies. Their toll-free numbers are: Equifax 1-800-525-6285, Experian 1-888-397-3742 (1-888-EXPERIAN), and TransUnion 1-800-680-7289. When you place a fraud alert, you can get a free copy of your credit report. Check it carefully for any companies you don't recognize, accounts you didn't open or unknown charges on your accounts. Remember to check your own name, SSN, and employer also.
Close accounts that may have been tampered with or opened without your knowledge. Ask to speak with someone in the security or fraud department at each company or institution. Ask for fraud dispute forms to dispute any charges made by an identity thief. If they don't have special forms, send a letter to the address given for "billing inquiries." If new accounts have been opened in your name, ask if the company accepts the ID Theft Affidavit. Instructions for completing an ID Theft Affidavit can be found at www.ftc.gov/idtheft. If not, use their fraud dispute forms or send a letter. Follow up any phone calls in writing, especially to banks and credit card companies, and use certified mail, return receipt requested, to keep a record of what the company received from you and when. Start a file with everything relating to correcting your problems from identity theft.
When opening new accounts, use a password that is not obvious. Avoid using your mother's maiden name, your birth date or other information that is easily available.
File a police report (in person, if possible) and provide as much information as you can. Get a copy of it for your file. File a complaint with the Federal Trade Commission (www.ftc.gov/idtheft or call 1-877-438-4338) to give law enforcement more information to help fight identity theft nationwide. To file an identity theft report with the consumer credit reporting agencies, you will need to submit a copy of your police report or report to the FTC, along with any other requested proof of your identity.
We hope you will never experience this awful intrusion into your life. Please call us – we are here to help!
Copyright © Million Dollar Producer, Inc. 2008
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