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If you’ve had your identity stolen, it’s easy to panic. But don’t worry – studies show that you’re one of 15 million people who have faced this problem. And with the right precautions in place, you’ll be able to recover your identity and be better prepared for future issues. Read on for a clear, actionable guide for those seeking to recover their financial health after identity theft.
6 Essential steps to take after identity theft
Step 1: Contact your financial institutions
Call your banks, credit unions, credit card companies and let them know that your identity has been compromised. Report any fraudulent activity, and place fraud alerts or freezes on accounts. You can also inquire about reimbursement policies, if your financial institutions have any in place.
Step 2: Contact credit reporting agencies
After you’ve contacted your banks, call all three credit agencies – Equifax, Experian, and TransUnion. Place a fraud alert or security freeze on your credit reports. Additionally, it’s important you obtain a free credit report from each agency using AnnualCreditReport.com, and review those reports for any other fraudulent activity.
Step 3: File a police report
Though it might seem intense, rest assured that filing a police report is the safest thing to do under the circumstances. That way, the crime is documented for official records, and justice may be served accordingly. Additionally, obtain a copy of the report for future reference, as you may need to provide it to other institutions.
Step 4: Contact the Federal Trade Commission (FTC)
Next, file an identity theft report with the FTC. They will provide you with an Identity Theft Affidavit for dispute resolution purposes, which you’ll be instructed how to fill out. You can also get personalized advice and resources from the FTC, either online or over the phone.
Step 5: Monitor your accounts:
Once you’ve let all relevant groups know about your identity theft, all there is left to do is tighten security on your end. Regularly check your bank and credit card statements for suspicious activity over the next few weeks and set up email or text alerts for account activity if you don’t have them already. Additionally, consider using a credit monitoring service like MyFICO® to help you keep an eye on suspicious activity.
Step 6: Change passwords and security questions
Lastly, you’ll want to update passwords for all online accounts, including your banking, email, and even social media accounts, as those can be linked to personal, private information. Also, be sure to change security questions for all these accounts.
Prevention for future protection
In the future, to be better prepared against identity theft, there are a few things you can try. Creating strong passwords and saving them into secure formats, such as a “keychain,” can help deter hackers from anticipating an easy target. Additionally, shredding sensitive documents and limiting personal information online can help keep you safer. And lastly, if you feel like keeping an eye on all your finances constantly is overwhelming for you, you can always outsource to a company like MyFICO®. Credit monitoring services like MyFICO® report on changes to your account or credit score, doing the daily work to keep you informed.
Disclaimer: This content is sponsored by MyFICO® and is provided for informational purposes only. The information shared here is not intended to serve as financial, legal, or credit-related advice. Readers are encouraged to consult with their personal financial advisors or credit professionals to assess their specific situation. To learn more about MyFICO®’s services, including credit scores and monitoring tools, please visit the MyFICO® website or reach out to a MyFICO® representative.