If someone is unfortunate enough to become the victim of identity theft, they’ll have quite a bit of work on their hands for sorting out the details during the aftermath. For instance, when a criminal obtains someone else’s personal information for the use of opening up new lines of credit, taking out loans or charging unauthorized expenses to their account. Thus, it’s important for this individual to take the necessary steps in reporting identity theft, as soon as possible. By reporting identity theft, you’ll likely have fewer issues to deal with in the aftermath of the crime.

Most individuals do not realize they’ve been the victim of identity theft until a financial institution or collection agency contacts them about outstanding balances on their account. Others realize their account balances and recent transaction history doesn’t quite match what they’ve authorized lately.

Letting the Credit Bureaus Know

In the initial stages of reporting identity theft cases, you’ll need to contact all 3 major credit bureaus to place a fraud alert status on your account. The fraud alert will last a total of 90 days and will stem from the information you’ve provided the proper authorities in the suspecting of being a victim of identity theft.

For instance, if you believe your wallet or purse has been misplaced or stolen, you’re going to need to start reporting identity theft possibilities to your credit card companies, credit bureaus and other financial companies you’ve engaged business with. An extended fraud alert can be placed on your account for up to 7 years, once the credit bureaus have received information regarding the type of crime suspected.

Notifying All Businesses and Financial Institutions You Have Accounts With

All financial institutions, credit card companies and other businesses you have lines of credit with should be included in the initial phases of reporting identity theft. Most businesses will offer you specific forms to fill out in the event you’ve been charged for a purchase you did not authorize. They will then proceed to close out your account and request you create a new one.

Contacting the Local Authorities and the Federal Trade Commission

It’s imperative that you include the local police department in the initial phases of reporting identity theft, as they will provide you with official documentation of the suspected crime. This documentation will be used later to appeal to agencies, such as the Federal Trade Commission to take your case under their investigative capabilities.

Reporting identity theft as soon as it happens is the only way to save yourself excess investments of time and money in trying to deal with the aftermath of the crime. Do not wait to notify the proper authorities, so they’ll be able to begin investigating your case as soon as possible.

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