How to Fix Your Credit After Identity Theft

Identity theft involves someone stealing your financial and personal information for fraudulent use. The good news is that if you take certain steps, meticulously monitoring your financial records, you can fix your credit. Here's how.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Police Identity Theft report

1. Report the crime to your local police department. Get a copy of the police's Identity Theft report to use when dealing with credit reporting agencies.
2. Close all credit and bank accounts after the theft with the time limitations. Plan on contacting debit card companies within 2 business days, and credit card companies within 60 days of the first statement affected by the theft.
3. Place fraud alerts on all your credit reports, so that the thief cannot open more accounts (see Resources below). Credit agencies will verify your identity by use of special codes or passwords that you will set up with them. Regularly check your credit reports for fraudulent activity taking place in your name.
4. Keep records of all the credit companies you contact by phone or mail. It may take repeated efforts to fix your credit so it helps to have the name of the person you wrote or spoke to.
5. File a complaint with the Federal Trade Commission. This agency assists victims of identity theft around the country, and it can even refer your case to other law enforcement agencies (see Resources below).
6. Order a statement of activity from the Social Security Administration (see Resources below). If income or benefits are listed that you have not received, you must contact SSA immediately. You'll get a new Social Security card if the abuse has been significant.