What to do if you suspect ID theft

Even the most careful among us can fall prey to identity thieves. If you suspect that you have become a victim of ID theft, there are steps that you should take RIGHT NOW to help mitigate further damage.


This page:

    • Describes the signs that suggest ID theft might have occurred

    • Shows you how you can get your good name back from ID thieves

    • Outlines the step-by-step process of protecting your credit rating from further damage

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Spotting ID theft

There are two easy ways to figure out if you have been a victim of ID theft:

    • If you see an unknown account account in your credit report. If you report shows that you have an open American Express card, and you know that you have never applied for or opened such an account, your are very likely the victim of ID theft.


    • If you spot unfamiliar inquiries in your credit file, that is if you see "hard" credit inquiries from institutions that you've never dealt with, or from local dealers/stores from an area far from where you live, you have possibly been the victim of ID theft.


Not every piece of unfamiliar information in your credit report turns out to be a symptom of ID theft. Sometimes, financial institutions change names (the auto financing arm of Capital One used to be called PeopleFirst); so study your report carefully, and call the creditors you are unfamiliar with to see if there has been a mistake

Order a credit report

There is a third, even more unpleasant way of learning that your identity has been stolen: you start receiving phone calls and letters demanding that you repay a debt you have never made.

To prevent this from happening to you, order credit reports from the three major credit bureaus, or sign up for a credit monitoring service.

If there has been any fraudulent activity using your personal information, it will appear on one of these credit reports.

If there is no listing of fraudulent activity, but you fear there may be in the future - you can still take the following precautionary measures:


    • Contact the 3 credit bureaus' fraud departments
Next, notify each credit bureau's fraud department. Inform them of your situation as a victim of identity theft - indicating which account has been opened or accessed without your authorization.

Request that a "fraud alert" be attached to your account. This alert requires that creditors call you before opening any new accounts or changing any existing account information. It prevents additional accounts in your name from being opened and, in the long run, protects your credit history.


    • Notify your financial institutions
Next, call your financial institutions. These can include credit card companies, phone companies, other utilities, banks and lenders. Inform the fraud department of each creditor that you are the victim of identity theft. Close any unauthorized accounts and change the passwords and PIN numbers of any accounts that have been illegally accessed.


    • Alert the authorities
Finally, contact the police and the Federal Trade Commission. Although you may not want to bother, it's still a good idea to file a report with the local police and to notify the FTC. These agencies may not be able to capture the culprit, but you will be able to get a copy of the police report and FTC form confirming that you were a victim of identity theft.

Having documented evidence is particularly helpful when dealing with credit card companies, banks and lenders.


Next: LifeLock identity theft protection can prevent ID theft from happening