Victims of identity theft or fraud must act quickly to minimize the damage.
In dealing with the authorities and financial institutions, keep a log of all conversations, including dates, names and telephone numbers. Note time spent and any expenses incurred. Confirm conversations in writing. Send correspondence by certified mail (return receipt requested). Keep copies of all letters and documents.
A. Credit bureaus. Immediately call the fraud units of the three credit reporting companies Experian (formerly TRW), Equifax and Trans Union. Report the theft of your credit cards or numbers. Ask that your account be flagged with a fraud alert. Also, add a victim's statement to your report. ("My ID has been used to apply for credit fraudulently. Contact me at {your preferred phone number} to verify all applications.") Be sure to ask how long the fraud alert is posted on your account, and how you can extend it if necessary.
Be aware that these measures may not entirely stop new fraudulent accounts from being opened by the imposter. Ask the credit bureaus in writing to provide you with free copies every few months so you can monitor your credit report.
Ask the credit bureaus for names and phone numbers of credit grantors with whom fraudulent accounts have been opened. Ask the credit bureaus to remove inquiries that have been generated due to the fraudulent access. You may also ask the credit bureaus to notify those who have received your credit report in the last six months in order to alert them to the disputed and erroneous information (two years for employers).
B. Creditors. Immediately contact all creditors with whom your name has been used fraudulently – by phone and in writing. Get replacement cards with new account numbers for your own accounts that have been used fraudulently. Ask that old accounts be processed as "account closed at consumer's request." (This is better than "card lost or stolen," because when this statement is reported to credit bureaus, it can be interpreted as blaming you for the loss.) Carefully monitor your mail and credit card bills for evidence of new fraudulent activity. Report it immediately to credit grantors.
Fraud verification requirements. You may be asked by banks and credit grantors to fill out and notarize fraud affidavits, which could become costly. The law does not require you to provide a notarized affidavit. A written statement and supporting documentation should be enough (unless the creditor offers to pay for the notary.) Overly burdensome requirements by creditors should be reported to federal government authorities.
C. Law enforcement. Report the crime to all police and sheriff's departments with jurisdiction in your case. Give them as much documented evidence as possible. Get a copy of your police report. Keep the phone number of your fraud investigator handy and give it to creditors and others who require verification of your case. Credit card companies and banks may require you to show the report in order to verify the crime. Some police departments have been known to refuse to write reports on such crimes. Be persistent!
D. Stolen checks. If you have had checks stolen or bank accounts set up fraudulently, report it to the check verification companies (see below for names and telephone numbers). Put stop payments on any outstanding checks that you are unsure of. Cancel your checking and savings accounts and obtain new account numbers. Give the bank a secret password for your account (not mother's maiden name).
