Information about protecting yourself from identity theft.

Minimize the Damage by Acting Quickly

You will need to contact the three major credit reporting companies...

The best way to minimize the damage to your finances and reputation is to act quickly. The first thing you need to do is contact your bank and credit card companies to halt all transactions on your accounts. Your second step is to call the police.

When you are talking to the police and your bank and credit card companies, ensure that you keep a log of all your conversations, complete with date and time and the full name of the person you spoke to at each organization. You also need to keep a log of all expenses incurred and the time you spend reclaiming your identity in case you file for a legal judgment seeking restitution from the thief or thieves at a later date. Confirm all your conversations in writing. All written correspondence should be sent by certified mail with a return receipt request. Keep copies for yourself of all letters and documents.

You will need to contact the three major credit reporting companies, which are also known as the credit bureaus. They are TransUnion, Experian and Equifax. Report to each credit bureau that your identity has been assumed to fraudulently obtain credit in your name and have your file flagged with a fraud alert. Also include a victim’s statement to your report. Each bureau will mail you a free credit report when you have your account flagged for fraud. Under normal circumstances, the fraud flags last for 90 to 180 days. You can have the flag date extended, however ensure that it is done in writing as stated above and following the directions sent with the credit report. You, alone, can cancel a fraud alert at any time. Each credit bureau will assign you a special number to go along with your credit report, use this number whenever you are dealing with the credit bureaus. Ensure you keep copies of your credit reports as part of your documentation on your identity theft.

Ask the credit bureaus for the names and phone numbers of the creditors with whom the fraudulent accounts have been opened if you don’t have this information on your credit report. You can also request the credit bureaus to remove the generated inquiries on your credit report due to the fraudulent access, however, do so in writing. These steps may not prevent new fraudulent accounts by being opened-credit issuers are not required by law to observe the fraud alerts.

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