Q: What steps should be taken if an individual suspects identity fraud?
A: In this situation, haste does not make waste. Take the following four steps as soon as possible. First, contact the three major credit bureaus to report the suspected fraud and request that a fraud alert be put in your file. Close fraudulent or tampered credit, banking and utility accounts. File a police report. Contact the FTC. Understand this process is a hassle and time-consuming. However, it's absolutely essential to follow-up aggressively and keep all correspondence and telephone contacts made in writing. Go over your credit reports with a fine-toothed comb. Otherwise, your bruised credit rating will continue to haunt your financial future.
Here's a list of the three major credit bureaus:
Equifax Credit Information Services, Inc.
(800) 525-6285/ TDD 1-800-255-0056, ask the operator to call the Auto
Disclosure Line at 1-800-685-1111 to obtain a copy of your report.
P.O. Box 740241, Atlanta, GA 30374-0241
Experian Information Solutions, Inc.
(888) 397-3742/ TDD (800) 972-0322
P.O. Box 9532, Allen, TX 75013
TransUnion
(800) 680-7289/ TDD (877) 553-7803
Fraud Victim Assistance Division
P.O. Box 6790, Fullerton, CA 92634-6790
Q: How will the investigation into suspected identity theft proceed?
A: Filing a police report will launch a criminal investigation and also provide a useful document for cleaning up your credit report. Some institutions require their own forms to be filled out to start the dispute investigation process. The Federal Trade Commission has developed an ID theft affidavit to help consumers document and register their complaint with the credit bureaus. While it may have taken identity thieves a matter of hours to rack up a mountain of debt in your name, it's unfortunately not so easy to wipe it off your record. From cell phone services to rental properties and related utility bills, the fraudulent charges rung up by identity thieves aren't limited to cars, jewelry, clothes and computers. The good news is that in most cases, federal laws limit your liability for unauthorized credit card charges and debit card transactions (if the fraudulent debit card activity is reported within two business days) to $50 per card.
Remember to file a complaint with the Federal Trade Commission. It manages a clearinghouse of complaints and makes this available to law enforcement authorities, government agencies and other organizations to help catch perpetrators of identity theft. Contact the FTC toll-free: 1-877-IDTHEFT (438-4338); TDD: 202-326-2502; by mail: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580. To obtain more information on ways to protect yourself against identity theft and step-by-step tips on how to restore your good name and credit, request free FTC publications by calling 1-877-FTC-HELP (382-4357) or visit www.consumer.gov/idtheft.