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Identity theft is a term most people have at least heard of or seen discussed on various websites or news shows. But what exactly is identity theft? According to the U.S. Department of Justice, identity theft includes any crime where someone steals and misuses someone’s personal and financial information. In the United States, these crimes are actually very prolific and are among the top-reported offenses, yet few people know what to do about it. Would you know what to do if your identity has been stolen? Fortunately, the steps are simple but the process can take time because it is a very involved process. Immediately Report the Identity Theft If you think you have been the victim of identity theft, you need to take steps immediately to address your stolen identity. The more time your identity has been in the hands of someone else, the more time they have to ruin your credit and finances. Your first step is to notify the Federal Trade Commission and begin the process to file an Identity Theft Affidavit. This report will be kept on record and can help protect you from further damage to your credit. Your local police should also be contacted and a report filed with them in case the fraud happened at the local level. The last people you need to contact is one of the three credit monitoring companies so they can put a freeze on your credit to let anyone who checks your report know there is possible fraud going on and the information on your report may not be accurate. Get Your Credit Reports When you contact the credit bureaus about your stolen identity, ask them for copies of your credit report. This is important because if you are just now noticing the fraud or theft, it may have been going on for a long time. Far too many people start digging and realize someone has been using their identity and credit for years without them even knowing it. How to detect identity theft is a simple question with several possible answers. Checking your reports often for any unauthorized activity is one of the best things you can do to guard against theft. Check Your Bank Accounts and Put Holds It can be a little bit of a pain and slightly inconvenient, but it can be a good idea to freeze your credit card and bank accounts. You also should look at getting new cards sent that have new account numbers so someone who has your information cannot keep using the cards for their own pleasure. The freeze holds will prevent any new cards from being issued to anyone other than you and any new lines of credit from being started. If the identity theft issues are cleared up soon, then these holds will not last long. Getting a credit monitoring program in place can also help alert you as soon as something odd goes on with your credit and can help you figure out how to clear up identity theft. Dispute Any Charges or Activity You Didn’t Make Once your accounts are on hold and you have contacted everyone who needs to be aware of the issue, it’s time to sit down and see just how much damage has been done. When someone has used your identity to open a new credit card or take out a loan -- one of the most common fraudulent activities that can occur -- you must contact the lender immediately to have it closed. Keep a record of all correspondences made with anyone during this process. If you work quickly and work with the lenders, often times you will not be held responsible for payments. As you work with the various departments and individuals to resolve the identity theft, there is one important step that far too many people forget, and that is to find out how to avoid identity theft. Checking your reports often for any unauthorized activity is one of the best things you can do to guard against theft. Getting a credit monitoring program in place can also help alert you as soon as something odd goes on with your credit. Amy Johnson is an active blogger who is fond of writing articles on identity theft and advising people how to identify the theft signs and prevent identity theft. Follow her on Twitter to know more on how to protect against and resolve identity theft.
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