An individual has become an identity theft victim, when a criminal has stolen and used their personal information for the purpose of creating a new identity in order to obtain lines of credit that don’t belong to them. Criminals seek to find someone else’s driver’s license, account numbers, passwords or social security information for the purpose of obtaining a credit card under that person’s name and making unauthorized purchases.

Of course, it can be difficult for anyone to find out they’ve become an identity theft victim, until the damage has already been done. Usually, someone finds out the details of the crime by receiving a phone call from a collection agency or reviewing a bill with unknown charges.

Once you realize you’ve become an identity theft victim, you have to take some steps in order to prohibit further damage to your creditworthiness and financial situation. As you progress through the aftermath of identity theft, be sure to keep records of all phone calls and document each interaction with companies, financial institutions and other organizations you report the crime to.

Review and Keep your Credit Report Safe

When you’ve become an identity theft victim, you’ll need to contact all 3 major credit bureaus and have them initiate a fraud alert on your account. The alert will last for a period of 90 days and will work to help notify businesses and financial institutions you have lines of credit with to suspect any activity on your account. Once you’ve officially reported identity theft, you may have an extended alert placed on your account, which will last for up to 7 years on your credit history report.

Review, Close and Reopen Accounts You Believe to Be Involved

If you suspect any of your accounts are being used in fraudulent purchases, you’ll want to contact the company to close the account immediately. Of course, identity theft victims may choose to reopen a new account with the business, but they’ll want to establish a new password or PIN number.

Be Sure to Tell the Local Authorities

An identity theft victim should treat their crime like any other and report it to the local authorities at the police department. The department will issue you an official document; you will likely need later on, when contacting various financial organizations and companies.

The Federal Trade Commission

The Federal Trade Commission helps identity theft victims across the nation. They dedicate their resources to finding the culprit that took advantage of your credit for their purchasing power.

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