Repairing Your Credit After Identity Theft

If you have been a victim of identity theft, you are well aware how difficult it can be to get back on your feet again. Identity theft victims often have to go through a series of steps to repair their credit and identity. Someone who steals your identity could make so many charges on your accounts that it would be nigh impossible to dispute them. If you are an identity theft victim don’t despair because there are ways to make your situation a little better.

Once you have been victimized, contact the three credit bureaus immediately to report the act. The bureau will probably put a “Freud Alert” on your credit report, which is supposed to help you. Unfortunately, what this really does is only alert your creditors that there is a Freud Alert on your credit. The alert doesn’t tell them where the fraud is coming from; in their eyes, it could very well be you. So, how can you get ahead in this system?

Of course everyone needs to be extremely protective of their identity by keeping their social security card, driver’s license, and other pertinent information in a safe, secure place. There are many ways your identity can be stolen, and sometimes there isn’t a lot you can do to avoid it. Some people have had their identities stolen over the internet, others were spied on to get their bank account number and password, still others were in relationships were their significant other stole their identity.

Once you are a victim of identity theft, you need to protect your identity even more closely. You will need to watch your credit history, and scrutinize any new additional charges. If you do notice any new charges, make the proper contacts immediately. One of the first things you are going to want to do is file a police report. You will have to send copies of this report to the credit bureaus to prove your identity has, in fact, been stolen.

One of the most important things you need to do if your identity is stolen, is have the credit bureaus put a freeze on your credit. A freeze on your credit will give you more freedom than a Freud Alert will. A freeze tells creditors that your identity has been stolen. For example, a creditor will probably deny you for a loan if you have a Freud Alert on your credit, but if you have a freeze on your credit, they can then investigate the charge and may give you the loan anyway.

Some other things you need to be sure to do once you’ve become a victim of identity theft is to report any checks missing, or that you suspect were stolen. Monitor your bank accounts at all times to make sure that there is no new activity going on. Notify anyone who you have an open account with such as your utility company. If you have credit cards, immediately cancel them and apply for new ones. It may even be necessary to close your bank account and open a new one. You may want to contact the Social Security office and find out if your card has been used anytime recently.

If you have been a victim of identity theft, the most important thing you can do is alert as many people and creditors as you can, this includes contacting Washington D.C., or the Identity Theft Clearinghouse, and the Federal Trade Commissions. Even if you are unfortunate enough to become a victim of identity theft, you don’t have to let your life slip away from you.

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