With our increased use of, and reliance on, electronic financial transactions, identity theft has become a new and growing problem. It’s estimated that there are upwards of 9 million instances of identity theft every year. Identity theft can be anything from someone using your credit card number to buy a few hundred dollars worth of products online all the way up to getting mortgages in your name. If you even suspect that you’ve been a victim, reporting identity theft, has to be your first priority.
The sad truth is that in many cases it can take months before someone finds out they’ve been a victim. If someone opens a credit card or gets a loan in your name, you most likely won’t find out about it until collection agencies start calling you because there haven’t been any payments made on the loan.
Here are some steps you can follow if you believe you have been a victim of identity theft:
1. If your wallet is lost or stolen with your credit cards in it, immediately contact all the card companies and let them know that your card has been stolen. Make sure you carefully document all conversations in case you need to recreate your steps later.
2. Contact your local law enforcement agency and let them know your wallet has be stolen. Fill out a report, and keep a copy for your records.
3. Request that a fraud alert be placed by all three credit bureaus. Let them know what has happened and provide them with a copy of your police report. Make sure that you keep all the original paperwork so that you have a paper trail of the steps you took.
You can also request a free copy of your credit report from all three credit bureaus. Carefully look over the report for any suspicious activity. Pay particular attention to the inquiries section and the address section. If you notice inquiries from companies you’ve never done business with it could be a sign that someone is attempting to get credit in your name.
Also, if you see addresses on the report that aren’t yours or aren’t current contact the credit bureau immediately. This could be a sign that someone is receiving loan and credit cards in your name at their address.
4. If your checkbook is missing immediately contact your bank. They will most likely immediately close out your account to prevent any fraudulent checks from being cashed.
5. You should never carry your social security card in your wallet. There is really no reason to and this one piece of information can do a lot of harm if the wrong people get hold of it. If you’ve lost your social security card you can request a new one from the Social Security Administration.
Reporting identity theft to the right agencies is one of the best things you can do to protect yourself and dispute any fraudulent activity in your name. Make sure that you carefully document everything and try to be as proactive as possible when contacting credit card companies or your bank when you suspect something is wrong.