Credit Card Articles

Identity theft, although against the law, is a significant disaster to one’s overall credit. You can minimize the effects of the tornado like effects of identity theft by following a few simple steps. The first, and probably the most important step is to be vigilant about protecting your personal identity and monitoring potential incursions on that identity. Protect your social security number, credit card information, and other personal data, especially during online transactions with companies you are unsure of. Make sure that you never submit information on line if the url does not begin with “https” designating a secure website.

If your identity is stolen there are some important steps for you to follow.

1. File a police report and make sure you get and keep a copy of that report. You will need copies to send to creditors, collection agencies, banks, credit bureaus and others.
2. Request free credit reports from each of the three major nationwide credit bureaus. The reports are free because you believe they contain inaccurate information due to fraud. Go over each report with a fine tooth comb looking for accounts that you did not apply for, did not open and for inquiries that you did not authorize.
3. Request that each credit bureau block the reporting of items related to identity theft on your report. In order to do this you will have to provide the credit bureaus with proof of identity theft which amounts to supplying the police report you filed. This action blocks the creditor from sending the account in question out for collection.
4. Contact all of your creditors including utilities and banks to find out if your accounts have been compromised or if someone has tried to open new accounts in your name. If you do this by phone ask to speak to someone in security or in the fraud department and be sure to follow-up any conversation with a confirming letter. You should send the letter by certified mail. It may prove to be a good idea to ask to close any current accounts and re-poen them under a new number but this may not correct the problem and may even contribute to damaging your credit history more that the identity theft has already done.
5. Fill out an FTC identity theft affidavit. This form may be found on the FTC website. The information provided will enable your creditor to properly investigate your claim of identity theft. You may be asked to provide more information by individual creditors. Comply with additional information requests promptly.
6. Contact the Postal Service to see if anyone has filed a change of address form in your name. The change of address form is an important piece of evidence supporting your claim of identity theft.
7. Keep concise, dated records of all conversations other encounters you have with everyone you notify about the theft. Make copies of all correspondence you have (in both directions) with creditors and others that address the issue of identity theft.
8. Contact your local Social Security office to see if there has been fraudulent use of your SSN Look for earnings reported on jobs you have never held which, again, provides excellent evidence that your identity has been stolen.

Identity theft is a huge problem and the management of identity theft restoration requires patience and diligence on your part. You must begin the process immediately and depending on the time you have to work on correcting the problem, you may want to continue to do it yourself. If time is a premium for you it is appropriate to turn over the grinding work to a professional who can help you through the process for a reasonable fee.