7 Things To Do If Your Identity Is Stolen

Each year, millions of Americans fall victims to identity theft, resulting in loss of money, but also a huge consumption amount of time and energy on their behalf. 

So what should you do if your identity gets stolen? Here are 5 simple things you can do to reduce the damage.

File Reports

You will need to file two reports to the officials — one with the Federal Trade Commission and one with your local police department. The FTC does not have the ability to pursue criminals but law enforcement agencies like the FBI use information collected by the FTC. So this is an important step in helping protect others from criminal activity. Then, file a report with your local police department. Filing a report will likely not assist the police in the event your identity was stolen online, but it does protect you. 

Begin a paper trail

Once you’ve verified your information has been compromised, take an account all of the steps you’ve taken in an attempt to clear your name. This includes noting emails/phone calls by date, time, contact, and resolution status. Mail documents with a return receipt request so you have a record of those transactions. Some types of fraud have a timeframe for reporting, so create a calendar to ensure you don’t miss any important deadlines.

Tighten security on your accounts

Cybersecurity experts recommend changing your passwords often and never using the same passwords or variations of a single password for all sites. Using a password manager is a great way to generate passwords that cannot be easily guessed and save them so that you do not need to remember each one. You can also invest in a Virtual Private Network (VPN) to protect your web browsing while on public WiFi. If you really want to protect yourself, shred documents with your personal information and invest in a home security system like Scout Alarm. Also delete any personal information, such as addresses, phone numbers, and birthdays off of public profiles on social media and other sites.

Contact Credit Reporting Agencies

Contact one of the three major Credit Reporting Agencies: Equifax, Experian, or TransUnion. It does not matter which agency you choose because any agency is required to contact the other two and share information. However, it doesn’t hurt to contact all three since that will place them on alert as soon as possible. When you contact them, you’ll want to request a fraud alert. This alert, which lasts one year, will make it more challenging to open new accounts using your information.

Consider a credit freeze

For maximum protection, you may want to put a freeze on your credit, which means potential creditors can’t get your credit report and no new accounts can be opened in your name. Putting a credit freeze in place doesn’t impact your credit score, and this simple identity theft tip can block identity thieves more effectively.

Review your Credit Reports

After placing the fraud alert but before freezing your credit, you need to obtain copies of your credit report. Looking at all three reports is a good way to make sure you are not missing anything important since each agency’s report can be different. Go over any accounts or transactions you do not recognize. There many websites that promise free credit reports but the official site to request them is AnnualCreditReport.com. You should also scan credit card and bank statements for other unauthorized charges

Tighten security on your accounts

Cybersecurity experts recommend changing your passwords often and never using the same passwords or variations of a single password for all sites. Using a password manager is a great way to generate passwords that cannot be easily guessed and save them so that you do not need to remember each one. You can also invest in a Virtual Private Network (VPN) to protect your web browsing while on public WiFi. If you really want to protect yourself, shred documents with your personal information and invest in a home security system like Scout Alarm. Also delete any personal information, such as addresses, phone numbers, and birthdays off of public profiles on social media and other sites.

Additional Things to Do If Your Identity is Stolen

Now that you know the basics of what to do if your identity is stolen, it’s a good idea to implement some additional safeguard in your daily routine such as: using cash rather than credit cards, only giving your social security number when necessary, and 2-way factor authentication on your social media accounts.

Finally, to help avoid future theft, you should ramp up protection. Hackers have been known to retarget the same victims, so getting hit once doesn’t grant you immunity from future theft. Follow these tips. Remember, having your identity stolen is a serious security breach, but you can recover and come back stronger than ever.