Tips for Recovering from Identity Theft

By B.E. Conrad

For a number of years now, identity theft has been a growing problem, and staying safe from identity theft is not always an easy process. From old fashioned dumpster diving to new schemes like key logger programs, identity thieves use a number of different tactics to steal the identities of their victims. If you think you are at risk of identity theft, or if you think you may have already been a victim, it is important to take immediate steps to recover your good name and your good credit rating.

If you feel that you may have become a victim of identity theft, the first thing you should do is order a copy of your credit report from all three major credit reporting agencies – TransUnion, Experian and Equifax. A new law entitles every consumer to a free copy of their credit report once a year, but even if you have to pay a few dollars for the report it will be money well spent.

After you have received those copies of your credit reports, it is important to sort through it very carefully, and to be on the lookout for any suspicious inquires or entries. If you see any inquires against your credit report which you did not authorize, it could be an early warning sign of identity theft. If you spot any of these unauthorized or unfamiliar inquiries, be sure to notify the credit reporting agency right away.

Also be sure to carefully look at the section of the credit report that details your name and address. Identity thieves often change the address of their victim in an attempt to cover their tracks. If the address shown is not correct, be sure to notify the credit reporting agency immediately and ask that it be corrected.

Look also for any accounts you do not recognize. If you notice any new credit card accounts, loans or other financial accounts that you did not authorize, be sure to let the credit reporting agency know about them right away. If you think you have been a victim of identity theft, be sure to ask that a fraud alert be placed on your account right away. This fraud alert will notify those who review your file that the account is being investigated for potential fraud, and this is an important step to take.

If you do identify any newly opened credit card accounts or loans that you did not authorize, be sure to notify the issuing bank or financial institution right away and let them know that the account has been opened fraudulently. Ask that the account be closed at once and that a fraud alert be placed on the account. It is essential to take this extra step of notifying the banks in order to protect your rights and head off further attempts at fraud.

Protecting yourself from identity theft and recovering from this serious crime is not an easy, or a fast, process. It is important to take the steps necessary to detect and recover from this crime, and to get your life, and your good name, back.

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