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How to Report Identity Theft and Secure Your Accounts

Reporting identity theft and closing fraudulent accounts is crucial in stopping fraudsters and recovering your identity. Unfortunately, once your personal information is out there, it can be used repeatedly by identity thieves. However, you can take steps to secure your accounts and limit the misuse of your personal information.

Steps to Report Identity Theft

Depending on what was stolen and how it is used, you may need to report identity theft to various organizations. Here are 10 steps to take if you suspect or know someone has stolen your identity:

1. Report the Fraud to Your Creditors

Identity thieves may try to access your credit accounts and open new loans or credit cards in your name. Contact each creditor where you’ve noticed unauthorized activity and notify them of the identity theft. They can help reverse transactions and close accounts. They may also update the credit bureaus—Experian, TransUnion, and Equifax—to remove fraudulent accounts from your credit reports.

2. Notify Other Companies, Agencies, and Service Providers

Criminals may use your personal information to open bank accounts, file tax returns, apply for government benefits, get a job, commit crimes, get medical procedures, or use your loyalty points. Report the identity theft to all relevant organizations, including financial institutions, the IRS, healthcare providers, the USPS, and your state’s motor vehicle department.

3. File a Report With the Federal Trade Commission

Submit a report to the Federal Trade Commission (FTC) on IdentityTheft.gov. The FTC will create an Identity Theft Report, which you can use to report the theft to organizations and correct your accounts. The FTC will also provide a personalized recovery plan based on your circumstances.

4. Consider Filing a Police Report

Report the identity theft to your local police department. Even if they can’t help directly, a police report can be important for some organizations before they investigate your fraud claim.

5. Update Your Accounts’ Passwords and Security Settings

Update the passwords on your accounts that contain personal information, including financial accounts, social media profiles, and email. Use unique passwords for each account and consider using a password manager. Enable multifactor authentication (MFA) to add an extra layer of security.

6. Add a Fraud Alert to Your Credit Reports

You can add a fraud alert to your credit reports for free if you think you might be at risk for credit fraud. This alert notifies creditors to take extra steps to verify your identity. Fraud alerts stay on your reports for one year, but you can renew them. Alternatively, you can request an extended fraud alert, which lasts for seven years.

7. Add Security Freezes to Your Consumer Reports

Adding security freezes to your consumer reports limits access to these reports, preventing identity thieves from opening new accounts in your name. You can freeze your credit reports, ChexSystems report, and NCTUE report for free.

8. Check Your Credit Report for Signs of Fraud

Review your credit reports for signs of identity theft, such as accounts you didn’t open or unusual aliases. Contact creditors to close fraudulent accounts and dispute inaccurate information with the credit bureaus.

9. Dispute Inaccurate Information on Your Credit Report

File a dispute with each of the three credit bureaus if there’s inaccurate information in your credit reports. The credit bureau will investigate and either verify, update, or delete the information.

10. Regularly Monitor Your Credit

Monitoring your credit reports can help you spot identity theft early. Credit monitoring tools can alert you to new credit inquiries, allowing you to take steps to close fraudulent accounts before they are used.

Fraud Alerts and Security Freezes: What to Remember

While fraud alerts and security freezes can limit the damage from identity theft, remember that these measures can also affect your ability to open new accounts. You may need to temporarily thaw or unfreeze your reports before applying for new credit.

Consider Additional Monitoring and Recovery Services

Free credit monitoring can help detect identity theft, but it only monitors your credit reports. Paid identity monitoring programs offer additional monitoring, fraud resolution support, and identity theft insurance, which can help cover recovery costs.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with the best mortgage solutions.

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