How to Recover From Identity Theft

There is some truth to the adage that it can take literally hundreds of hours to recover from identity theft. For this reason, the government has grown increasingly vigilant on the subject, and today a number of resources are available for fast action. If you think you are the victim of identity theft, it is essential to cover all the bases immediately.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• Old personal and financial records
• Credit reports

Report the Crime

1. Contact the FTC to file a report about the nature of the crime and any details you can surmise (see Resources below). You will need this report when you go to the police.
2. Go to the police and file an ID Theft Complaint. This versatile document can be used to block any inaccurate personal information from appearing on your credit reports. It can also head off collection agencies that might otherwise continue to hound you for money you never spent.
3. Place a fraud alert on your credit accounts with Equifax, Experian and TransUnion (see Resources below). This simple step comes with a number of recovery protections and notifications built in, so you are back in the driver's seat once again.

Restore Your Credit

4. Call every one of the financial institutions where your data has been compromised, and speak to someone in the fraud division about the identity theft. To confirm the conversations, send certified letters to each institution after you have spoken on the phone, and keep careful records of every contact you make.
5. Close your accounts and change any information that was compromised. You can recover from identity theft far more quickly if you simply start anew with data that has never been stolen.
6. Check your account statements and credit reports at least every 3 months to ensure no further abuses have occurred. The best way to recover your credit is to protect it vigorously for many years to come.

Tips & Warnings

• It is possible to recover from identity theft completely, but it will require years of watchfulness, even after the immediate danger has passed. It's not unusual for criminals to sell your info to others on the black market, so you could undergo a similar violation down the line.
• Stay abreast of the latest developments in ID scams and schemes. Criminals are constantly innovating their methods, and you may be a more likely target in the future just for having fallen victim once.
• Do not assume that your problem is solved once your credit has been restored. A number of institutions may maintain old records that are outdated or inaccurate, so you must follow up every time you open or create a new financial product.