When Identity Theft Happens to You …

Knowing how to alone is not enough.

Being prepared to deal with it is equally important! Yes, it could happen to anyone and failing to plan becomes our plan for financial failure. 

All it takes is a retail business without adequate safeguards to protect your credit or debit cards, a service provider not protecting your data from hackers, or breach of data security at your bank. Within seconds, your identity could be sold by a stranger to another stranger.

What do you do when this lurking problem arrives at your door step?

Step 1 – Notify Credit Card Providers: At the very first sign call all your credit card services and notify them. Even if you have lost your card or wallet you can use the photocopy file to make the calls. The back of every card contains a ID Theft reporting number to help you with such an emergency. Act with a sense of urgency because every minute you wait is extra time for your credit to deteriorate.  Credit card companies will immediately change your account numbers and move to an investigation mode, thus protecting your credit from further deterioration. Remember to keep good notes on your communication with each financial institution, including the name and ID number of the person you spoke to.

Step 2 - Research: Work with your credit card provider to research the extent of the financial impact as well as tracking down what location your ID thief has registered as home. Your providers could request for free credit reports to help you start working on cleaning up the unauthorized charges as reflected on your credit report as well as dispute and resolve the unauthorized charges.

Step 3 – Police Report: File a police report in your local community to document the theft. This is the 1^st step for obtaining an extended fraud alert protection with all the credit reporting agencies. 

Step 4 – FTC Filing: File a report using your police report reference with the Federal Trade Commission (FTC).  Obtaining the official FTC complaint number gives you a 7-year protection; if you bypass Steps 2 & 3, the credit bureaus will only give you a 90-day fraud alert protection.  No one will tell you that there is a large difference in the fraud alert protection you will receive, 7-years compared to 90-days, and therefore remember to look out for yourself by being ready.

Step 5 - Report to Credit Bureaus: Report your ID theft to the three credit bureaus along with the FTC reference number to insure the 7-year protection is in
place.

• Equifax (1-800-525-6285): P.O. Box 740241, Atlanta, GA 30374
• Experian (1-888-EXPERIAN): P.O. Box 9532, Allen, TX 75013
• TransUnion (1-800-680-7289): Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834

State of Illinois has an ID Theft Hotline and instructions for reporting ID Theft in addition to the FTC resources available nationally.

**Do you have a financial question you'd like Dr. Kas to answer? Leave it in the comments section below and she'll answer it next week.**