So, you've just realised that someone has stolen your identity and is racking up debt, before you start seeking an attorney and legal advice you can put a stop to it. In this how to article you will learn exactly what to do when you are a victim of identity theft.

Identity Theft - When It Happens To You

 Author Unknown

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Once you have absorbed this information, act quickly, because the sooner you start fighting for your identity, the sooner you will win.

The Dreaded Phone Call From A Creditor

You will probably receive a phone call from a creditor stating "you" just either made a large purchase and they suspect fraud or you open your credit card bill as you do every month and be amazed at some extra charges that are on there. Call your credit card company immediately. Rarely, will you be liable for charges over $50, and many credit card companies wave the first $50 in the case of fraud. Check with your bank, you will usually be given a choice to close your account and reopen a new one or some banks will put a "watch" on your account and you will have to log into your account and manually approve every charge and check before it is cleared. This usually goes on for a period of 30-60 days. The latter isn't the best choice as it is labour intensive to do and your account isn't protected from fraud, as it would be if you simply closed it out and reopened a new account.

Time To Notify The Credit Bureau’s

After you have done all the initial damage control. the next thing to do when you realise that you are a victim of identity theft is to notify the credit bureau’s. Report the situation to the three major credit reporting companies- Equifax, Experien, and TransUnion. You can do it online or in writing, and you must tell these companies that your identifying information has been stolen and is being used by another person fraudulently in your name. Ask them to flag your file with a fraud alert, and ask that all creditors call you before extending credit in your name. A consumer statement will be put on your file and it will alleviate your fears of bogus accounts being opened for about 3 months.

Due to provisions of the Fair Credit Reporting Act, you can only place an initial fraud alert for 90 days. The credit bureau’s will then send you a notice displaying your rights as an identity theft victim. As soon you receive this, write to each of the three credit bureau’s to request two things; An extension of the fraud alert to seven years, and a free copy of your credit report. Remember to include an identity theft report when you send your letter in order to authorise the seven year alert. Whenever you communicate with the credit companies, you should refer to the Credit Repair Service number given to your credit report and always use verified return receipt mail. Also, make sure you save all credit reports and related information for your records.

As soon as you get your three credit reports, carefully examine each one. Report all fraudulent and inaccurate information in writing to the credit bureau’s, as well as to the credit issuers, following the instructions that are provided with the credit reports. As soon as you notify the credit bureau’s about the fraudulent information, the bureau is required to strike that information from future reports. The bureau will also notify the credit grantor of the fraudulent account(s). If it isn't included in the report, ask the credit bureau’s for the contact information of the credit grantors.

Also, tell the credit bureau’s in writing that you want them to remove all inquiries that have been created due to fraudulent access. You should also ask the bureau’s to contact anyone who has received your credit report in the last six months so they can be informed about the fraudulent and inaccurate information. Numerous inquiries can lower your credit score, so work diligently on getting those inquiries removed from your personal credit report.

Though these measures should set you back on track and protect your credit from the fraudulent information, they may not completely stop it from happening again. Because of this, be sure to "monitor your credit reports", there are many online services that will help you monitor your credit report. We recommend Experian Triple Advantage. Along with getting your credit report online with credit score, you also get 30 days free credit monitoring service. With this service you can start the dispute process online!

Often times, once you have started the process you will be able to obtain a second free report from the credit bureau’s, and in many states you will be able to access your credit report more frequently. If you notice that the fraudulent information is still happening, notify the proper bureau’s instantly. If the problem persists for very long, you may want to consider freezing your accounts for awhile if possible to prevent any more damage.

Identity theft is an unfortunate event when it occurs, but you can fight back and get your life back quickly!

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