Immediate Steps to Take if Your Identity Has Been Stolen

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Finding out that your personal information has been stolen can be pretty surprising and overwhelming, and in a state of shock, it's not unusual to freeze up and forget what you should do next. But since identity theft is an issue that needs to be addressed immediately, it's important that you know how to act so that you stop your attacker before things get out of hand.

Below, learn five crucial steps to take if you suspect that your identity has been stolen:

1. Contact your bank and/or creditors.
Ultimately, you must contact any financial institution that you have ties to. If it's your credit card that has been affected by the attack, contact that specific creditor to have your account frozen or shut down completely. Similarly, if it's your bank account that has been compromised, contact the bank for information about unauthorized withdrawals and what steps can be taken next to prevent future suspicious acts, such as closing the account altogether.

2. Request that a fraud alert be placed on your credit report.
There are three credit reporting companies that have information about your credit history - Equifax, Experian and TransUnion. To place a fraud alert on your credit report, contact one of these companies with your request - they should let the other two companies know on your behalf, but confirm that they will relay the message just in case. This is extremely important to do because it can make it much more difficult for your attacker to open additional accounts using your name. Note: it does not cost anything to put a fraud alert on your credit report, and it will last for 90 days.

3. Review your credit reports.
By placing a request for a fraud alert, you are entitled to receive a free copy of your credit report from each of the three credit reporting companies. Once you have it, check it over for any remarks that look unusual, such as hard inquires you did not authorize or accounts that you did not open. Should you notice any of these, your next step is to reach out to the appropriate company/organization based on the information you see.

4. Freeze your credit reports.
When the credit reporting companies place a credit freeze on your file, it means that creditors cannot pull your credit report. This is helpful because, similar to what we mentioned in point #2, it prevents your attacker from opening any accounts in your name that require a credit pull. 

5. Make an identity theft report.
To file an identity theft report, the first step is to submit the theft to the FTC. The copy that you print out for yourself will serve as your Identity Theft Affidavit. Next, contact your local police department to file a police report - make sure to bring your Identity Theft Affidavit with you, and don't forget to ask the police for a copy of your report. Your final identity theft report is complete once you attach your Identity Theft Affidavit to the police report you obtained/filed.

For more information about the steps to take after learning you are a victim of identity theft, check out this guideline from the Federal Trade Commission.

American Investment Planners LLC is an independent financial planning firm that offers services such as retirement planning, estate planning, portfolio and asset management, and taxes and accounting. To learn more, please call (516) 932-5130 or email info@americaninvestmentplanners.com.