Top Tips for Credit Fraud and Identity Theft Victims

Credit fraud and identity  theft can start in strange ways: a credit card you’ve never applied for shows up in your mail box. Perhaps a debt collector calls about a credit card you’ve never had in your wallet. And so begins the painful experience of discovering your identity has been stolen. The key to limiting the damage of credit fraud is acting fast. The key to keeping your sanity is being thorough and patient.

Here are the four key steps to immediately take if you think your credit or identity has been stolen:

• Prevent New Damage: The first step is to stop the risk that new credit will get issued in your name. You need to contact Equifax, Experian and TransUnion directly, asking that they either place a “fraud flag” on your credit report or they “lock” your credit report. Locking a credit report is only available in a limited number of US states. A fraud flag is available to any US resident. You also need to get a copy of your credit reports from Equifax, Experian and TransUnion, so you can identify any accounts fraudulently opened in your name.

• Contact Law Enforcement Authorities: Report identity theft crime to your local law enforcement office right away. If the crime occurred somewhere other than where you live, report the crime there too. Get a police report detailing the crime and ensure that the report lists the fraudulent accounts. You will need to show this report to creditors, and may need to provide the name and contact information of the investigator who wrote the report.

• Contact Creditors - New Credit: If you learn from your Equifax 3-in-1 Credit Monitoring that new credit accounts have been opened in your name, you need to immediately contact the appropriate creditors by telephone and in writing. It is important to know your rights: under the Fair Credit Reporting Act, (§623(6)(B)) businesses cannot report any fraudulently opened accounts to the credit bureaus. As a result, your credit score should return to normal, once you have reported the credit fraud and completed the necessary paperwork detailing the credit fraud.

• Contact Creditors – Existing Credit: If your existing credit accounts have been used fraudulently, immediately contact the financial institution by phone and in writing. Request replacement cards with new account numbers. In addition to calling the credit grantor regarding the identity theft fraud, you will need to follow up in writing and will likely be asked to provide a fraud affidavit or a dispute form. Send the letter to the address given for “billing inquiries,” not the address for sending payments. Carefully monitor your mail and bills for evidence of new fraudulent identity theft activity.

For additional details on what to do if you are a victim of ID theft, checkout our top rated identity theft protection services to help stop identity theft before it happens from TrustedID, Identity Guard, LifeLock, ProtectMyID, and ID Patrol from Equifax.