There you are filling out an application for a credit card or a car loan. As you click submit you sit back and think about how you are going to spend those reward points or how good you will look in that new car. Suddenly the computer comes back and says “Declined”. Normally they have reasons listed which you can view right away. You click away until the list of reasons you were declined pops up on screen.
This can’t be you exclaim! My bills are paid, I only have one credit card. My car is paid off! As you run through the list of possible explanations one comes accross your mind that you can not fathom. It can’t be, you don’t even want to think of it. You obtain a copy of your credit report and see accounts you never created. You’ve had your identity stolen now what?
Your First Step
Your first course of action should be to place a fraud alert on your social security number. By placing a fraud alert on your account you may prevent the scam artist or identity thief from opening up any new accounts. You only need to contact one of the three companies to place an alert. The company you call is required to contact the other two, which will place an alert on their versions of your report.
The contact information
Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241
Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013
TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
After you place the fraud alert on your record you are again entitled to a free copy of your credit report from each of the credit agencies. It is important that you obtain these in preparation for your next step. Review each report carefully looking for discrepancies in personal information as well as accounts that you did not open.
Your Second Step
After you have placed a fraud alert on your credit report you need to file a crime report with your local police department. When I had to dispute 3 charges on my debit card I was asked for a copy of the police report involved with the incident. Having a police report on file with the local police department will also help in your efforts to dispute charges with companies. In the next step we will be asking companies to close and remove fraudulent accounts.
Your Third Step
Once you’ve placed a fraud alert on your account and you’ve picked up a copy of your credit report you need to start making notes of what accounts are open that were part of the fraud. Highlighting the companies which you have a fraudulent account with you can look up the corporate contact information for the company. You will need to contact the fraud or security department of each company. Once you get in contact with someone from the department you need to ask them to send you a fraud form. These forms vary depending on the company but generally require the same information. You will also need to ask for a mailing address which is important for following up later on. When you send any supporting information such as police reports be sure to send photo copies and not original documents. If you send original documents you stand a chance of never seeing it again.
Stay Diligent
One of my motivating factors for this article was a friend who had her identity stolen by a person she knew. She endured years of hassle as she attempted to correct the fraud that had occurred at her expense. One of the things she mentioned in her email is that she had wished she checked her credit report more often. Her situation had been on going and may not have gotten as out of hand as it did had she regularly checked her credit report. Her final words of wisdom is to follow up. Continue to check your credit reports periodically, especially for the first year after you discover the identity theft, to make sure no new fraudulent activity has occurred. Follow up with any agency you contacted, any company you contacted to explain the fraud and make sure they did what they were supposed to.
Resources
The Identity Theft Prevention and Recovery Guide
Recovering From Identity Theft
Related Articles
Fraud and Identity Theft Grow At ATMS
Protecting Yourself From Identity Theft
Frying Phish - Identifying Scams
If you would like to make a comment, please fill out the form below.
