Victims of Identity Theft - What to do First

Being a victim of identity theft can definitely be a frustrating and confusing event. Luckily, there are immediate steps you can take that can help reduce the impact of the crime.

However, should identity theft happen to you, the first thing you need to do is close all financial accounts that you know or believe have been opened fraudulently or tampered with. Inform the issuers that you believe that you have had your identity stolen. Give them the dates of the last legitimate transactions.

When you are ready to open new accounts, choose passwords that cannot easily be guessed. One good piece of advice is to never use a password that appears in the dictionary.

Early detection is key with identity theft - Protect yourself now!

People who have had their identity stolen should also place a fraud alert on their credit file. To do this you will need to contact any one of the three credit bureaus: TransUnion, Equifax, or Experian. Once that credit bureau has confirmed your fraud alert, they will notify the remaining two bureaus. This step will keep the thief from opening additional accounts in your name.

It is important for victims of identity theft to file a report with local law enforcement. A police report serves as evidence of the crime. Some creditors might request this proof before taking actions necessary to close accounts and set the record straight. If the police are hesitant to take a report, you should consider obtaining a notarized ID theft affidavit, available at http://www.ftc.gov/bcp/conline/pubs/credit/affidavit.pdf.

The increased occurrence of identity theft has had one positive ramification. It has made it easier for those victimized by this crime to obtain information regarding the steps that are necessary to clear their names.