Identity Stolen? Take These Steps ASAP

It can happen in any number of ways. You apply for credit and get denied because of negative accounts on your credit- the only problem is, they are not yours and you have never seen these items before in your life. Or you go to swipe your card at a store- only to be declined. You call your bank or check your account because after all, this has to be a mistake. It is then that you find out that there are a number of unauthorized charges that have eaten their way through your money. Unfortunately, this is a reality for many people who are now classified as victims of identity theft or fraud. These examples are fairly minor cases, as identity theft has the ability to wreak complete havoc on a person's finances, credit, and life. The messes that identify theft creates can be costly, time-consuming, and all-out intrusive in your personal life. So what do you do if you discover that your identity has been stolen?

1. Breathe

Yes, of course time is of the essence. The quicker you move on getting these corrections made, the less likely it is that they will become permanent issues or spread to other areas of life. However, you won’t be helping yourself if you fall into a frenzy and can’t figure which way is up. Take account of any possible breaches and make a list of who you need to talk to and start making your important calls. If you have a spouse that is also on the accounts, get them involved and ask that they start making some of the calls at the same time to cover more ground.

2. Cancel Accounts

Call the credit card or company in question and cancel all cards or breached account numbers and file a dispute for the charges. Try to get as much information as you can in order to find out what additional steps you may need to take for that company or for any others that may be affected or in danger of being affected. Gathering information and notification are the name of the game.

3. Call Credit Bureau

Call the credit bureau and place a fraud alert on your account. By placing a fraud alert on your account, credit issuers will be prompted to authorize with you directly before extending any credit due to ID theft. This flag will appear any time someone runs your credit and will warn/notify them that further authorization is needed- from you. This can slow down any additional theft that is on the horizon or in the works but has not been finished.

4. Review All Accounts

Double check any other accounts that may have been affected. For example, if you lost your wallet and had other cards, you will need to cancel any accounts or numbers that have the possibility of being compromised. As a general rule, never carry your social security card with you unless you need it for a particular reason that day. Losing your social security card can complicate matters. If you have had your social security card stolen, be sure the contact the social security office as well.

5. Protect Yourself

Protect yourself for the future. Many credit cards or accounts have free credit monitoring service you can take advantage of for free. Check out any free options you have first to set up the first line of defense and then explore any further options if necessary. Companies such as “life lock” (and others) make guarantees to protect their consumer’s identity and can have built-in protection and insurances if something goes wrong. Another option to consider is identity theft insurance. These companies will not only ensure your financial complications but will assist you in the cleanup process, potentially saving you a boatload of time, frustration and energy- just be sure to check them out to make sure the coverage is right for you and is legitimate. Having your identity stolen is a major personal violation, and is unfortunately all too common. Protect yourself from the start and stay mindful of any changes or requests that you see pop up. Catching ID theft early can be the difference between a headache and all-out misery.