What To Do When You Think Your Identity Has Been Stolen

Identity theft is one of the most stressful things that can happen to someone. Any kind of financial fraud can leave you buried under a web of confusing paperwork and legal issues, but if you act quickly you can cut it off before it gets too out of control.

If you’ve been seeing some unauthorized activity on your credit cards or notice accounts have been opened in your name without your authorization your identity might have been stolen. Acting quickly is essential if you want to stop the illicit activity quickly and start the process of repairing your finances.

Report It

The first thing you need to do is report the fraud to the local police department and to the Federal Trade Commission. The FTC website has some great resources to help guide you through the process and help you understand what is happening.

Notify Your Banks And Creditors

Next you want to make sure you notify your banks and creditors that your identity has been stolen so they do not conduct business with anyone but you. This is also an opportunity to put freezes or file fraud claims on your credit cards or bank accounts where fraudulent transactions have been made.

Notify Your Insurance And The IRS

If the identity theft has gone beyond just a few credit cards then you will also want to notify your insurance companies and the IRS so no one can file a tax return as you or file any insurance claims. It is always wise to cover all of your bases if you think the identity theft has been severe.

Freeze Your Credit

Contact each credit bureau and put a full freeze on your credit. This will make it so that your credit will be completely frozen while you recover from the theft. While this may be an annoyance to you it will also ensure that no one can open any cards in your name for the duration.

Change Your Passwords

Go through all of your financial accounts as well as email and change your passwords to something more secure. Personal information is often gathered through data leaks and weak passwords make it much easier for the hackers. Try not to use the same password for everything if you can!

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