Reporting Identity Theft

When you have reason to believe that your identity has been stolen, reporting the crime is an important first step to take in order to limit your liability. When strange credit corporations start contacting you about payments you missed or charges you never made, it may already be late in the process. So acting fast is really important.

Report Stolen Cards

If you believe that a criminal may have obtained information about your bank account, credit, ATM or debit card:

1. Check your statements for any unauthorized charges;
2. Report the unauthorized charges to the respective financial institutions;
3. Inquire about their procedures for minimizing your liability to the charges;
4. Cancel the compromised account.

Reporting Identity Theft To Agencies and Authorities

Once your identity has been stolen, there are several credit and law enforcement agencies that you should contact in order to report the crime. It basically is similar to reporting a physical crime such as burglary, but with just a few more agencies involved. Here are the ones where you should report identity theft to:

• Credit reporting agencies, the big three being Experian, Trans Union and Equifax. Ask them to put a fraud alert on your account.
• Police department - file a report.
• Social Security Administrator - file a report. Under certain circumstances, they may issue you a new social security number if experience problems while trying to resolve the identity theft issue.
• Department of Motor Vehicles - in case an unauthorized license has been issued in your name.
• File a report with the Federal Trade Commission identity theft site.

Saying that being a victim of Identity theft is never a pleasant experience is a huge understatement. You will spend many hours of your precious time sorting it out. But taking the right steps in reporting it can get things moving faster, and have a better chance of restoring your good credit.