Identity theft is a personal crime that has scary results. Most people learn they have fallen victim to identity theft when they try to use a credit card and it is declined, when they try to access funds in their bank account only to learn they aren’t there, or when they apply for a mortgage or loan and are turned down. Sometimes, it’s even more frightening – you receive a past-due tax bill from the IRS on income that you never earned.
No matter how you learn about it, though, what’s important when you think you may have had your identity stolen is the speed with which you react. Reporting the theft to through the proper channels, as soon as you learn about it or suspect that it may have taken place will help to reduce your liability and decrease the amount of work that it takes to clean up the mess that’s sure to follow. The following steps should serve as a guideline to help you report identity theft quickly, and to the right agencies.
6 Steps for Reporting Identity Theft
- Assess the damage. First and foremost, don’t panic. Panic leads to disconnected thoughts and actions. It’s like spinning your wheels and going nowhere. You’ll waste valuable time and energy on activities that may not be helpful at all.
Before you do anything, assess the damage. Why do you think your identity has been stolen? What’s the extent of the damage? Although all of the damage done by identity thieves isn’t always immediately apparent, take stock of what seems to be wrong.
List any accounts that seem to be affected and what they damages are. Check credit and banking accounts, first, as that’s usually the first place that identity theft is noticed. If you need to, make a list of all of your financial accounts and systematically check each account for unauthorized transactions or changes to account information.
- Active a fraud alert. A fraud alert is a warning placed on each of your credit reports to warn merchants that a criminal may be using your credit fraudulently. Fraud alerts should be activated with each of the three credit reporting agencies.
- Review your credit report. This step can actually be handled at the same time you’re placing a fraud alert on your credit report. While you’re on the phone with each of the credit reporting agencies, request a current copy of your credit report. When you receive it, review the report to make sure that all of the information on the report is accurate.
If you find discrepancies, report those discrepancies to the reporting agency immediately. You may have to go through a dispute process to get the misinformation cleared up. The dispute process can be lengthy, so be prepared to spend some time on this activity.
- Close any accounts that you suspect have been compromised. Credit card accounts, bank accounts, and any other accounts that may have been compromised can be troublesome over time. Rather than fighting recurring charges, close the accounts immediately. Reopening new ones prevents thieves from accessing them again.
- File a complaint with the FTC. The FTC tracks and monitors ongoing identity theft cases. It’s through these cases that patterns are recognized and identity theft rings are discovered. If you suspect your identity has been stolen, report it to the FTC by either calling 1-877-IDTHEFT (438-4338) or by visiting the FTC’s web site at YourLost.info.
Be sure to keep copies of the reporting that you file with the FTC as well as copies of any cover letters or other communications that you send. You’ll need these copies both for your personal records, and also to assist you in filing reports with other agencies.
- File a report with your local police department. Be prepared, because this could be a frustrating experience. Not all local police departments know how to handle identity theft cases. Expect to encounter some difficulties when you file this report.
You may find the police in your area uncooperative about taking a report for identity theft. If possible, try to file the report in person, at the police station. Take along copies of anything that you have proving that your identity has been stolen, including a copy of the report that you filed with the FTC.
If you’re met with resistance about the report, insist that the police take the report. This could be one of the most difficult steps in reporting your stolen identity because local agencies aren’t always trained in how to handle identity theft cases. Still, if you can get the police to take the report, do it. Then be sure you get a copy of that report as soon as possible.
The police report will be one of your most useful tools in clearing up identity theft. You should include it in any communications that you have with companies and financial institutions as you try to clean up the damage done by identity thieves.