It’s important to understand what to do if your identity is stolen. Lately, it seems like every few months, there is a news report about a security breach. These breaches can potentially make people susceptible to identity theft and credit fraud.
Someone can steal your identity in multiple ways, from a lost wallet or purse to using public Wi-Fi. Thieves may even steal your information from ATMs.
All this can leave many wondering what to do if someone steals your identity, furthermore, how to know if your identity has been stolen. Knowing that security breaches can and do occur, here are some key things you need to do.
You can minimize the impact and protect yourself from potential credit fraud when you know how to report identity theft.
15 Steps for what to do if your identity is stolen
If someone steals your identity, this can affect many things. It can compromise your personal information, from debit cards to types of bank accounts, bank account numbers, and driver’s license numbers.
Because this can happen without you realizing it, preparing and knowing how to report identity theft is essential.
From knowing the answer to “How do I file a police report for identity theft?” to “How do I notify the post office?” you’ll find answers here.
You can take many preventative measures, such as having insurance and identity theft protection services, monitoring credit reports, etc. Also, find out where to look to see if theft has occurred.
Unfortunately, victims of identity theft have to work hard to fix a problem they didn’t create. However, having preventative measures in place can help with ID theft.
1. Check your credit immediately to confirm if your identity was stolen
If you have concerns about identity theft and want to know what to do if your identity is stolen, check your credit immediately with a free credit report. You want to make sure everything on your credit report is as expected.
Get your free credit report
You can access a free copy of your credit report from all 3 credit bureaus each year via annualcreditreport.com.
Many banks are also now offering this service for free with your accounts.
Alternatively, you can choose to pay for one.
The bottom line is that you must stay on top of checking your credit to ensure nothing strange is happening there, so checking copies of your credit report reasonably often is smart. If things are amiss, keep reading.
2. Alert the credit bureaus immediately
Alert the credit bureaus to report the situation and place a fraud alert or freeze on your credit reports to prevent additional damage.
A credit freeze (or security freeze) lets you restrict access to your credit report. A freeze means lenders cannot access your credit to approve any unauthorized lines of credit until you remove the freeze.
You can get a freeze on your credit from each of the 3 major credit bureaus – Equifax, TransUnion, and Experian.
It’s a good idea to learn how credit works and check in at least once a month, regardless. If you’re wondering does checking your credit score lower it, checking your credit does not impact your score.
3. Get a credit monitoring service in place
Just because a breach happened does not mean identity theft or credit fraud will happen immediately.
With what to do if someone steals your identity, know that it could take months or years before you are affected.
If a security breach impacts a company, e.g., Equifax, they may offer free credit monitoring for some time.
However, several other companies can do this for you as well.
How credit monitoring helps you
Credit monitoring is a big part of understanding “How does credit work?” Credit monitoring will alert you when someone applies for a line of credit or adds one in your name. The monitoring will help you track exactly what’s happening with your credit.
Remember that even if you have a credit freeze, it’s a good idea to have credit monitoring because fraud could happen on your existing accounts, which a credit freeze does not impact.
However, a credit freeze will prevent credit card companies or credit card issuers from accessing your account for new credit.
Putting an extended fraud alert on your credit report also protects you from fraud. You can choose how many years you keep the fraud alert in place, which means creditors will take more time to verify who you are before giving any credit. An extra step like this can make you aware of potential future identity theft.
4. Report the problem to the FTC
As soon as you realize your identity is stolen, you should report it to the Federal Trade Commission (FTC) right away.
By making this report to the FTC, you’ll get guidance on creating a recovery plan. They explain that they’ll provide you with guidance on how to:
- Close new accounts made in your name
- Remove charges you didn’t make from your accounts
- Clear your name of criminal charges
- Manage theft on specific accounts, e.g., government benefits, student loans, bankruptcy filed in your name, etc.
- Fix your credit report
By filling and documenting this report quickly, you may also be able to limit your financial liability.
5. File a police report
Identity theft is a crime. So you’re probably asking, “How do I file a police report for identity theft?”
When figuring out what to do if your identity is stolen, a police report from your local law enforcement agency can help support any claims you file to dispute theft.
By filing a report with your local police department, you may also be aiding the police in fighting existing identity theft cases.
When you file the police report, be sure to have a copy of your FTC report and proof of your stolen identity, in addition to your address and ID, according to US News.
You’ll also want to get a copy of this report to share with the credit bureaus, creditors, and service providers to keep on record as part of your case file.
So now you know the answer to, “How do I file a police report for identity theft?” and you’re one step closer to getting your life back to normal.
It’s also a really good idea to file an additional report with the Federal Bureau of Investigation (FBI) as they also investigate financial fraud cases.
6. Get access to any documents related to the identity theft
To better prepare, you should gather all the documents associated with the theft. It’s also a good time to learn how to declutter paperwork!
You can write a request for the documents to the company where the theft happened, and you must also include a police report, an FTC identity theft report, and identification when you do this, according to the FTC.
7. Be sure to notify the IRS
You must also make the IRS aware of any identity theft. Someone could attempt to use your information to create a fake tax return and get money from a tax refund.
You can go to the Internal Revenue Service website to find out what to do if your identity is stolen. In addition, you’ll find out how to notify them about the fraud.
8. Let the DMV know
You’ll find out there can be problems with your driver’s license also, so it’s essential to understand what to do if someone steals your identity related to your license.
If you suspect someone has stolen your license, contact your local Department of Motor Vehicles and inform them about the situation. You can add a flag to your license to prevent fraud.
9. Notify your health insurance of the fraud
When deciding what to do if your identity is stolen, you’ll find that you may also need to let your health insurance company and providers, etc., know about the fraud. Someone may be trying to use your insurance for medical procedures or medicine, so telling the insurance companies is helpful.
Look through your medical records and ensure everything is accurate, and report anything that isn’t to your health care provider, according to the FTC.
10. Contact the Social Security Administration
You should also inform the Social Security Administration if someone steals your identity.
If you think someone could be using your social security number, you can contact the Social Security Administration (SSA). They can check their records to make sure there isn’t any fraud.
11. Contact the post office
Be sure to contact the post office as well. Contacting them helps to ensure that no one tried to authorize a change of address in your name.
You can also fill out paperwork to make sure they are aware of the situation and have a record of the theft.
12. Change online passwords and pins associated with your financial information
Changing the passwords or pins you have associated with your personal and financial information is a good idea as soon as possible.
You may not know exactly what information the thief took, so it’s better to take all precautions, and this is one of the smartest money habits, too.
You can set calendar reminders to change your passwords every few months. Make sure that you create strong passwords that are not easy to guess. Also, avoid using devices you don’t trust.
13. Contact your creditors and service providers
You’ll also want to report the situation to creditors or service providers. You can then begin the dispute with them for fraudulent claims in your name.
You can provide the FTC and police reports you filed to them as well to help further validate your claim. Identity thieves can set up services like utilities in your name, so contacting your service providers is essential.
Also, notify companies reporting inaccurate information to the credit bureaus due to identity theft. That way, you can stop the effects on your credit score.
14. Review your bank and credit card accounts and statements
Take some time out to review your bank and credit statements for any discrepancies.
You may be able to catch the theft early by doing this. Especially if the transactions are not on your credit profile yet. Be sure to make your bank’s fraud department aware of the situation.
15. Look for any fraudulent accounts in your name so you can dispute and close them
As you review your credit profile, look for any fraudulent accounts in your name. If someone contacts you due to debt owed on a fraudulent account, provide them with your FTC and police reports.
You can also ask for the details about the account and file a formal dispute with them for any balances due.
If you can learn more about the identity thief, you can report this information to the police and FTC.
The FTC also provides sample letters to help you request that a debt collector stop collecting debts you don’t owe.
Expert tip: Create a plan to recover your identity
A stolen identity can mean weeks or months of headaches and frustration for you. If you’re a victim of ID theft, it’s important to quickly follow the necessary steps to get your life back on track.
However, some steps to recover your identity may take longer than others, and you likely don’t have unlimited time to deal with this inconvenience. Though you want to act quickly, it’s alright to take a few moments to make a plan to fix everything, one that works with your schedule.
For example, you may need to call the credit card companies during your lunch hour tomorrow, file a police report on your day off, and review your statements over the weekend.
In many cases, taking the first few steps to get things back to normal , and planning to succeed, will help you feel better and give you the momentum you need to continue.
How to determine if your identity has been stolen
You can tell if someone has stolen your identity in a few ways.
Fraudulent transactions on your accounts
The first, and one of the most obvious, is if you notice any fraudulent transactions on accounts.
If any information with your credit looks inaccurate, or you see information for accounts you didn’t open, this can be a sign of theft.
Your information in data breaches
Other ways to know if your identity is stolen, according to McAfee, are if you find that your personal information was in a data breach, you find out about a tax return in your name that you didn’t file, or you get mail at your address, addressed to someone else.
How to prevent identity theft
Ideally, you can prevent someone from stealing your identity instead of wondering what to do if your identity is stolen.
Don’t share personal information
Don’t give out any banking details or personal information to anyone you don’t know.
Phishing scams (online scams that try to get your personal information) are a common way to steal identities, so avoid this by not giving any information to unknown sources or even sources you haven’t verified.
Even if the company appears legitimate, make sure it is the company you think it is and not a scammer.
Monitor your credit
Your credit is one of the first places you can check for a stolen identity. Monitor it by checking your credit score, tracking your transactions, and getting your free credit reports each year.
Get identity theft insurance
One thing that you can do to protect yourself is to get identity theft insurance for it. Insurance means you can continue your life and still be alright financially, even if you have to deal with a problem like this.
There are lots of things identity theft insurance can cover. According to LifeLock, it can include reimbursing you for stolen funds, replacing lost wages, and covering legal fees and other costs.
You can get this insurance from most insurance companies and the credit bureaus also offer insurance options as well.
What is the first thing you should do if your identity is stolen?
If you suspect your identity is stolen, you should first notify the credit bureaus and freeze your credit. That way, you can try to prevent further damage. There are several vital steps to take after that, but you can start there.
How do I start an identity theft investigation?
To start an identity theft investigation, contact the Federal Trade Commission. They can help you make a report and then start getting your life back to normal. Also, file a police report, which can help you start an investigation.
What are 3 steps to take after your identity has been stolen?
Three key steps to take after you find out that your identity is stolen is as follows:
1. Let the credit bureaus know you’ve been a victim of identity theft to avoid further credit damage.
2. Inform the Federal Trade Commission, as well. They can help you figure out what to do next.
3. File a police report about the identity theft at your local police department. You can also file a report with the Federal Bureau of Investigation (FBI).
These 3 steps can give you a simpler life and help you know what steps to take in the next few days and weeks.
Articles related to identity theft
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Get your life back to normal faster by knowing what to do about identity theft
Don’t panic if your personal and financial information is part of a security breach. It’s frustrating, but if you take the above actions quickly, hopefully, you can minimize the impact on your finances by knowing how to report identity theft.
It’s also essential to take precautions even if you have not had your identity stolen. Be sure to store your financial records properly, know how long to keep financial records, and stay on top of reviewing your bank, credit, and service statements.
If someone steals your identity, don’t stall on taking action. The sooner you start addressing it, the quicker you’ll resolve it. And while you’re at it, be sure to review other aspects of your financial health including a financial check up.
