Identity theft not only happens at an
alarming rate, it can ruin an individual’s credit and record for years on
end if not taken care of immediately. For those who have recently fallen
victim to this devastating crime, here are six essential steps that must be
taken to restore one’s record as quickly as possible.
Create a File on the Process
When it comes to what
you need to know about identity theft, the first and perhaps most important
step is to record everything that takes place. From phone calls with banks to
illegal transactions, victims should record the time, date, and description
of what took place for future reference.
If you get any letters in the mail
about people applying for credit or filing tax returns in your name, make a
copy and save all letters in a file.
Freeze Bank Cards
For most, the criminal will first attempt
to access their bank account as the easiest way to acquire funds. The primary
bank should be contacted with all cards and account numbers being frozen with
new ones issued.
Most banks and credit cards have protections set into place to
help you if this does happen. Generally, they will be able to cancel any
pending transactions and work on refunding any purchases that were not made by
you. Keep a close eye on your accounts to monitor for any suspicious activity.
Check-In with Other Financial Institutions
Banks may offer the easiest access to cash,
but criminals can wreak havoc with any financial account. All victims should
also contact any credit cards they utilize, business accounts, and retirement
funds as well.
Make creditors aware that someone may have your personal
information so that they can make note of this on your account and verify with
you any transactions.
Contact Credit Bureaus and Law Enforcement Agencies
There are three primary credit bureaus
including Equifax, Experian, and TransUnion. These three organizations maintain
fraud departments that will immediately stop reporting on an individual in the
event of a stolen identity.
Both the FTC and local law enforcement agencies
should also be contacted in order to submit reports.
Utilize Credit Repair Specialists
For those who would like to simplify this
entire process, a credit repair business
may be the number one option. Not only will these specialists carry out many of
these steps, they can also provide options once the rebuilding period has
begun.
They can monitor your credit for you so that any dings to your credit
that weren't your fault can be taken care of immediately.
Request Credit and Criminal History Regularly
After everything else has been taken care
of and all specialists, credit bureaus, and financial organizations have been
contacted, the work is not quite over. Those who have their identity stolen
will also want to ensure that the problem has been completely solved by
checking in every three months with both their credit information and criminal
history to check for any illegal use of their name or account.
Even if you get
all the current problems taken care of, someone else still has your personal
information, so there is the possibility that someone will try to use it again.
From the moment that anyone realizes that
their identity has been stolen, it is time to take action. Each of these
agencies, organizations, and specialists will help minimize the damage that is
done and help get one’s life back in order.
It's best to act as soon as
possible, as preventing the damage is easier than fixing damage that is already
done. Know that you can get your good reputation back after your identity has
been stolen, but you'll need to take the proper steps to do so.
In conclusion, identity theft is a serious crime that can have devastating consequences for victims if not addressed promptly and effectively. The steps outlined provide a comprehensive guide for individuals who have fallen victim to this malicious act, offering a roadmap to restoring their financial health and reputation.
By creating a detailed record of all incidents, freezing bank cards, and contacting financial institutions, victims can mitigate further damage to their accounts and assets. Reporting the theft to credit bureaus and law enforcement agencies is crucial in halting fraudulent activity and initiating investigations.
Seeking assistance from credit repair specialists can streamline the recovery process and provide valuable support in navigating the complexities of identity theft resolution. Regular monitoring of credit and criminal history ensures ongoing vigilance against potential recurrence of fraudulent activity.
While the ordeal of identity theft can be daunting, taking swift and decisive action empowers victims to reclaim control over their financial well-being and safeguard their personal information.
By adhering to these steps and remaining vigilant, individuals can mitigate the impact of identity theft and take proactive measures to prevent future occurrences.
