As technology gets better and our lives becomes more easily accessible with smartphones and computers (and who knows what else) so too does it become more accessible to identity thieves. Being a victim of identity theft is no fun, trust me I’ve been one. However, this type of theft is probably not going anywhere anytime soon. Unfortunately, sooner or later you too may become a victim.
The best you can do is to try and be proactive about it and try to do the best you can to protect your identity. However, if you’re still a victim of identity theft you need to know what needs to be done to keep your life in order. It’s important to act quickly when you realize you’re a victim because you don’t want to give a thief any more time to wreak havoc on your life. Act fast and you can stop them in their tracks.
What steps to take when you’re a victim of identity theft
Depending on how or what part of your identity was stolen will determine the best order for these steps for you to take, however you shouldn’t skip any of them.
If your credit card (or debit card) was stolen the first thing you should do is let the bank know about it asap. If you let them know promptly you usually won’t be liable for fraudulent charges. What they’ll usually do is they will cancel your old card and send you a new one. From my experience a stolen credit card is one of the easiest types of fraud to deal with. The banks will usually make it easy for you to get a new card and move on.
If your checkbook is stolen it might be a different story though. I had mine stolen out of my mailbox and it was a nightmare to deal with. It’s possible that you will need to close your account and open and new one, but sometimes even that won’t solve your problem.
You need to be prepared to get calls from businesses and creditors in this situation because even if you close your bank account the thief can still fraudulently use your checks to buy things. When my checkbook was stolen it took months for it to to end. It wasn’t until the thief finally ran out of checks did it finally stop for me. Be prepared for a long battle.
No matter what part of your identity is stolen you need to always do these things:
1- Contact the credit card, debit card, or bank account that you’re using. Let them know what happened and ask them to help you.
2- You need to contact the three credit reporting agencies yourself. Contact each one individually and tell each one what has happened. When you do contact them you’ll have the option of putting a “fraud alert” on your account. A fraud alert will make it more difficult for the thief to open new accounts in your name. Ask the agencies what options you have as things could have changed between now and when you are a victim of identify theft.
You may have an option to put a longer term fraud alert on your account with something like a 7 year fraud alert if you’re a victim. The best thing to do is to ask the agencies what your options are.
Another thing you could do is to request a complete credit freeze. This is more powerful than a fraud alert as it completely stops companies from looking into your credit which stops them from allowing any new accounts in your name. This could be a great choice if you need to go this route but just understand that it will also stop you from being able to do the same things until your take the credit freeze off your account. So in other words, you won’t be able to apply for a loan, or have people look up your credit legitimately when you want them to until you take the credit freeze off your account. This should only be a last resort.
The three credit reporting agencies are:
1- Trans Union
2- Equifax
3- Experian
3- Next you need to call your local police and file a police report. You may find out later that you need proof that your identity was stolen so this report could really come in handy. Be sure to get a copy of the report from the police. This report could really come in handy in the the future if creditors start calling you asking for money that you owe them. Make it easy on yourself and file the police report immediately.
4- lastly you’re going to have to really monitor your credit report going forward. You should always be doing this anyway, but it’s even more important after being a victim of fraud. You need to check all three of the reporting agencies on a regular basis (at least once a year). If you notice anything strange you need to report it to all three agencies.
You should keep an eye out for any new accounts that you didn’t open. You should also keep a lookout for anything else that looks strange and report it. If you don’t remember doing something you find in the reports then be on the safe side and report it as possible fraud to the three credit agencies. Anything that is wrong or missing needs to be reported
Furthermore, if you suspect your social security has been stolen then you should also report that to the Social Security administration.
What steps can you take to prevent identity theft?
So what can you do to prevent identity theft in the first place? Some might say it’s inevitable for it to happen you, which might be true, but we can try to at least make it much more difficult for the thieves.
1- First thing is you need to check your credit report diligently. At least once a year is minimal.
2- Never carry your social security card with you as you should never need it. All you need is the number which you should have memorized.
3- Don’t give out your social security unless it’s absolutely necessary. When you see a spot for your social on forms anywhere I usually opt to leave it blank. If they argue that they need it from me then I ask question and try to leave it out if possible. Usually you can be successful in this and leave out your social, which you should if you can.
4- Don’t have your debit card pin number be your birth year and don’t leave it written down anywhere in your wallet or purse.
5- Don’t just give out your personal information to anyone. Always be wary when people ask for any of your personal info. If it’s from an email or call that was unsolicited then ignore it and move on. Politely decline giving out your info.
6- Don’t access your personal accounts, financials or otherwise, from a public wifi spot like at a coffee shop or restaurant. This type of unsecured network is an easy place for a hacker to steal your information.
7- Make sure you have the most up to date antivirus and antispyware software installed on your computer and make sure your operating system is always up to date. Up to date software will keep your computer safer from hackers who are trying to steal your information.
8- Always shred or destroy any personal or financial information before you throw it out.
9- When you go on vacation or when you’re out of town for a while you should have your mail put on hold so that nobody knows you’re out of town. A bunch of mail piling up at your front door is just asking for trouble. If you can, try and have a person you trust come by and check on your home and pick up anything that’s left at your property.