Question: Is there some sort of stolen identity program available? Someone has stolen my identity and has opened accounts in my name – what can I do?
Answer: Most ID theft resources will tell you pretty much the same thing – to immediately contact all three major credit bureaus to place a fraud alert on your account and notify all creditors that your cards and information has been compromised.
The moment you lose any credit card, debit card, social security card or other document that contains sensitive information, you need to shut down access to the information or account as quickly as possible.
"He that is of the opinion money will do everything
may well be suspected of doing everything for money.”
- Benjamin Franklin |
Call your bank or credit card company and let them know that your cards have gone missing. They can freeze the use of those cards, which will prevent anyone from using them without your permission.
You can then work with your creditor or bank to obtain a new account or card containing a brand new account number.
More recently, we have seen a slew of new stolen identity program scams being offered to unsuspecting consumers. Sadly, people who have already been stolen from become victimized a second time by scam artists who offer to fix their credit and minimize any damage that has already occurred.
Proceed cautiously when considering any sort of stolen identity program or service.
The three major credit bureaus consist of: Trans Union, Equifax, and Experian. As you begin to work through the process of protecting your accounts from any further damage and/or repairing your credit information and your good name, be sure to document any and all phone conversations you engage in.
Call each company’s fraud unit and discuss the problem with them. They will most likely be understanding and prompt in answering your questions and guiding through the additional steps that you may need to follow to ensure your finances and identity remain safe.
Be sure to make copies of any letters you mail. Send them directly to the fraud victim units of each company, according to their own very specific instructions.
Each creditor will have a somewhat different stolen identity program or process. Be sure to follow each creditor’s instruction to the letter. This will save you time and money in the long run.
Once you have contacted all of your creditors and following their instructions, you will be protected from the thief using your old credit accounts and/or establishing new credit account in your name.
Now that you are registered for fraud alerts you will be contacted and asked if you truly wish to create an account or take out a loan the next time a prospective creditor pull your credit report.
If you receive a call from the credit bureau and you are not initiating a new account, you can inform them to declined the request and contact the local authorities.
Also, don’t forget to file a formal police report. When you file your insurance claim they will most likely require you to provide copy of the police report before approving your insurance claim.
The best stolen identity program you can have is to create a complete list of all creditors, account numbers, with telephone numbers so that in the event of having your information stolen, you can quickly contact your creditors and minimize any damage.
Preparation for this event will reduce your stress significantly – so be prepared.
"Some debts are fun when you are acquiring them,
but none are fun when you set about retiring them."
- Ogden Nash, American Writer |
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Debt is NOT your friend. It's not a wonderful "tool" for building wealth. That's a myth.
