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Identity Theft - The Basics

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Reports from the Federal Trade Commission (FTC) reveal that identity theft has reached epidemic proportions. The best way to prevent identity theft is to check your credit report regularly. Take special note of the following in your credit report.

Unfamiliar Accounts

These are accounts that you do not recognize. These could be credit cards, auto loans, or other accounts that you did not open. The presence of these credit accounts could indicate that fradulent activity has occurred. If this has happened notify the 3 major credit agencies immediately. Also, take a look at your inquiries section. There are two types of inquires that will appear on your credit report. The first type of inquiry called a hard inquiry occurs when you apply to open a new credit account. The lender will run your credit and grant or deny you based on the inquiry. The second type of inquiry is a soft inquiry that appears when a lender checks your file for marketing purposes. An example of this are all those pre-approved credit card offers you get in the mail. With respect to identity theft we are only concerned with the first type of inquiry, the hard inquiry. If you see inquiries for new credit accounts that you don't believe your applied for, then this is a cause for concern.

If you think you are victim of Identity Theft

Contact your local police department and file a report. Keep a copy of this report as you will need it later.
Start a journal and begin documenting everything you do. Keep track of the time and date of every action you take.
Contact the FTC and file a report. Keep a copy, log your actions in the journal. consumer.gov/idtheft. FTC Id theft hotline (800) 438-4338
Complete the FTC Uniform Affidavit - Identity Theft
File a report with the fraud units of the 3 major credit reporting agencies
Ask the credit bureaus to put a fraud alert on your credit report.
Subscribe to a credit monitoring service from one of the credit bureaus.
Phone all the creditors where the fraudulent accounts we're opened. Then follow up with a letter to each. Include copies of the police report, FTC reports, etc.
Follow Up, Follow Up, Follow Up.

Identity Theft Links:

Important Phone Numbers:

FTC: (800) 438-4338
Experian: (888) 397-3742
Equifax: (800) 525-6285
TransUnion: (800) 680-7289

Mailing Addresses:

Experian
P.O. Box 2002
Allen, TX 75013

Equifax
P.O. Box 740241
Atlanta, GA 30374

TransUnion
P.O. Box 1000
Chester, PA 19022

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