The steps of reporting identity theft

If you have your identity stolen, then you need to take action as quickly as possible to get your life back on the right track. In order to report the stolen identity, you will have to take certain steps. Who you call and what you do depends on your situation as well as your local area. For a few tips on how to find out what you need to do, read on.

First, you should be prepared to recognize the signs of a stolen identity, so that you can take action as quickly as possible. About 15% of all victims of identity theft find out by being contacted by a corporation who has noticed strange activity. Usually this means it’s fairly late in the process, and more irreversible damage has been done. You should always check your credit statements regularly to make sure they match with your activity. If you lose a wallet or misplace sensitive information, you need to immediately call to cancel your credit cards, instead of waiting to see if it turns up.

First, it starts with obtaining a police report. That report doesn't mean other law enforcement agencies have been contacted. Yet you must do a complete search of local and federal law enforcement databases to find out if anything else, including criminal activity exists on your identity.

The Social Security Administration, The Federal Trade Commission, all of your financial institutions, the 3 major credit bureaus, the Passport Office, The Department of Motor Vehicles, the Post Office, as well as the Medical Information Bureau: all of these places must be sent a fraud notification alert.

You should also use the resources at the Identity Theft Resource Centre, a non-profit organization dedicated to helping people recover from identity theft. Their website is located at www.idtheftcenter.org, and has countless resources for victims of identity theft. The information is readily available for anyone who needs it, and is well-organized so that you can find what you need when you need it. You can start with a step by step guide of what you need to do if you get your identity stolen. Then you can find out about laws and resources for your particular state. They have contact information that will help you, as well as advice on how to handle the situation. It truly is the best place to go.

Concerning your financial institutions, get them to cancel your credit cards and close your bank accounts. Find out from your bank about any suspicious activity, such as accounts tampered with or opened fraudulently. Reopen new bank accounts with password verification.

Make sure your credit report reflects the identity theft and gets flagged with a fraud alert. Many victims have received assurances that the matter would be resolved, however months and sometimes years later, the credit bureaus have not cleared their records. This without a doubt ranks as THE biggest headache for identity theft victims.

Once a negative gets put on your record, it seems the credit bureaus refuse to remove it, in spite of the countless documentation you provide to them. This can affect you well into the future when buying a house, car or any other big-ticket item. If you are going to do this by yourself, constant follow up is critical. That goes for all the organizations but especially the credit bureaus. Be diligent until the matter gets resolved. Getting a lawyer wouldn't be a bad idea.

Identity theft is never an easy thing to go through, and you will most likely spend hours upon hours of work sorting it out if it does happen to you. But, if you take the right steps in reporting it, you can get things moving faster, and have a better chance of restoring your credit to its original state. So, whether your identity has been stolen or not, you should prepare yourself. Knowing exactly what to do when the worst scenario does occur can make it a lot less painful, and make the process go by faster.