Identity Theft - When It Happens To You

So, you've just realized that someone has stolen your identity and is racking up debt left and right, and you want to put a stop to it, but you don't know what to do. Well, keep reading, because in this article you will learn exactly what to do when you are a victim of identity theft. Once you have absorbed this information, act quickly, because the sooner you start fighting for your identity, the sooner you will win.

You will probably receive a phone call from a creditor stating "you" just either made a large purchase and they suspect fraud or you open your credit card bill as you do every month and be amazed at some extra charges that are on there. Call your credit card company immediately. Rarely, will you be liable for charges over $50, and many credit card companies wave the first $50 in the case of fraud. Check with your bank, you will usually be given a choice to close your account and reopen a new one or some banks will put a "watch" on your account and you will have to log into your account and manually approve every charge and check before it is cleared. This usually goes on for a period of 30-60 days. The latter isn't the best choice as it is labor intensive to do and your account isn't protected from fraud as it would be if you simply closed it out and reopened a new account.

After you have done all the initial damage control. The next thing to do when you realize that you are a victim of identity theft is to notify the credit bureaus. Report the situation to the three major credit reporting companies- Equifax, Experien, and TransUnion. You can do it online or in writing, and you must tell these companies that your identifying information has been stolen and is being used by another person fraudulently in your name. Ask them to flag your file with a fraud alert, and ask that all creditors call you before extending credit in your name. A consumer statement will be put on your file and it will alleviate your fears of bogus accounts being opened for about 3 months.

Due to provisions of the Fair Credit Reporting Act, you can only place an initial fraud alert for 90 days. The credit bureaus will then send you a notice displaying your rights as an identity theft victim. As soon you receive this, write to each of the three credit bureaus to request two things; An extension of the fraud alert to seven years, and a free copy of your credit report. Remember to include an identity theft report when you send your letter in order to authorize the seven year alert. Whenever you communicate with the credit companies, you should refer to the number given to your credit report and always use verified return receipt mail. Also, make sure you save all credit reports and related information for your records.

As soon as you get your three credit reports, carefully examine each one. Report all fraudulent and inaccurate information in writing to the credit bureaus, as well as to the credit issuers, following the instructions that are provided with the credit reports. As soon as you notify the credit bureaus about the fraudulent information, the bureau is required to strike that information from future reports. The bureau will also notify the credit grantor of the fraudulent account(s). If it isn't included in the report, ask the credit bureaus for the contact information of the credit grantors.

Also, tell the credit bureaus in writing that you want them to remove all inquiries that have been created due to fraudulent access. You should also ask the bureaus to contact anyone who has received your credit report in the last six months so they can be informed about the fraudulent and inaccurate information. Numerous inquiries can lower your credit score, so work diligently on getting those inquiries removed from your personal credit report.

Though these measures should set you back on track and protect your credit from the fraudulent information, they may not completely stop it from happening again. Because of this, be sure to monitor your credit reports, there are many online services that will help you monitor your credit report. We recommend Experian Triple Advantage. Along with getting your credit report online with credit score, you also get 30 days free credit monitoring service. With this service you can start the dispute process online! Often times, once you have started the process you will be able to obtain a second free report from the credit bureaus, and in many states you will be able to access your credit report more frequently. If you notice that the fraudulent information is still happening, notify the proper bureaus instantly. If the problem persists for very long, you may want to consider freezing your accounts for awhile if possible to prevent any more damage.

Identity theft is an unfortunate event when it occurs, but you can fight back and get your life back quickly!

Liz Roberts is a loan consultant with New Horizon Finance, specializing in bad credit, & has been providing consumers & business owners with financing since 1989. Join Experian Triple Advantage http://www.newhorizon.org/Info/experian.htm & get a free credit report & credit score. Apply for bad credit credit cards here http://www.newhorizon.org/Info/unsecured.htm . Free Credit Repair Guide on this site http://www.newhorizon.org/Info/

IRS Gives Away More Information on US Citizens than the Identity Thieves Even Need

The Internal Revenue Service gives away more information on U.S. citizens than almost any other agency and the identity thieves Love It. But why is it that the government gives away information on U.S. citizens to anyone who wants it? Why does the Internal Revenue Service collecting information and make it public to anybody?

If the United States government truly cares about identity theft then why is it allowing government agencies such as the Internal Revenue Service and other large agencies to give away the information. It is simply ludicrous to have the Federal Trade Commission enforce the identity theft rules and regulations in our nation on corporations who may have had a hacker steal information from their computer system and then allow the United States government agency to give away the information to anyone who wants it.

If it is true that the Internal Revenue Service gives away more information on U.S. citizens then the identity thieves even need, then why are we kidding our selves with the identity theft laws of our nation? What a silly bunch of hypocrisy we have going here; who thought of this anyway?

Why does the government every time there is a problem wish to enforce all the laws on the people and the corporations when it is the government's fault? The government can do anything right or very well except spend our money; they sure do that good.

Should the government look in the mirror and shouldn't we look in the mirror also since we are the government and fix this mess? This is utterly ridiculous. Please consider this in 2006.


Lance Winslow
Article Source: http://EzineArticles.com/?expert=Lance_Winslow

Identity Theft and How You Can Recover

In today's modern times, the incidents of identity theft is on the rise. With access to the Internet and the sharing of personal information online criminals have a easy time finding the information needed to steal your identity.

Once you are a victim of identity theft is can be extremely difficult to recover. Getting loans, and making investments are almost impossible once this type of crime has occurred. As a victim there is very little compensation or help you can receive which will help in the recovery process. You are responsible for your own credit repair even though you were a victim of a criminal act. There are several simple things which can be helpful in recovering from identity theft.

Identity theft comes in different intensities. Certainly, on the minor side of this type of theft is when someone steals your credit cards and rings up a high bill. This is often easily fixed through direct contact with the credit card company. However, once all of your information (social security number, birthday, and other personal information) is taken, the criminal is able to step up fake credit card accounts and run your bills up quickly.

The act itself is easy. With a mere phone call or internet access a criminal can easily get hundreds of credit cards in your name. The longer the criminal activities goes unchecked the worse the damage is to your credit. Especially if there are large purchases and loans from lending companies. Clearing your credit with lenders is extremely complicated and hard to do. There are many questions, forms, and literally hoops they will need you to jump through to begin the recovery process. It is worth it, the ability to have a bank account, get a loan, and invest is something everyone has the right to do.

If you are a victim of fraud the first thing you need to do is call the lending institution and put an end to the activity. Have all your credit cards canceled by contacting the companies and having a new account established and new cards issued.

You may also consider calling all companies which you have done business with and let them know your current situation. This way any suspicious activity can allow you to be immediately notified. If your social security number has been used there is a governmental help to clear up the problems ( http://www.consumer.gov/idtheft ). They understand the need to have a clean credit score and a usable social security number.

Make sure that if you have an investments at all you contact your financial advisor and secure all your stocks, bonds, and mutual funds. Criminals can easily cash these out, especially if they have access to your online accounts.

Once you have been notified that someone has stolen your identity keep good track of all the fraudulent activity that you can. Make sure you take names, write done dates, and get letters of confirmations from all companies you speak with. The more documentation you have the easier it will be to recover from this terrible and devastation crime.

Visit the Global Investment Institute and signup for our free Investing For The Beginner E-Course at http://www.global-investment-institute.com/ Investment webmasters or publishers, please feel free to use this article provided this reference is included and all links remain active.