A Comprehensive step by step guide to restore your identity and get rid of identity theft related debt and credit dings.
If your identity is stolen the first step to do is relax take a deep breath and just follow these steps. We know that Identity theft can be a scary thing but you are not alone. The FTC reports that as of 2022 there was an estimated increase of identity theft by 70% from 2021. These numbers are scary not just for you but for the economy as well. The consumer sentinel network data book shows that 5.8 billion dollars in fraud was reported. This is very very scary. Identity theft and fraud can happen in many different ways, and its important to have a handy step by step guide to help you combat this fraud.
Step one, call all of your financial institutions (Banks, Credit Cards, Credit Unions, Mortgage Companies, etc), and alert them to the fraud. Ask for passwords, secrete security words, or pins be changed, added, or updated. These pins should be something completely new and something you have never used before and should include special characters.
Step two, File a police report with your local police department, most police departments wont come out to do a fraud police report and will require that you come in person, if you are disabled and can not find a way to get to your police department in person make sure you tell them you are disabled and they must come to you or take the report on the phone. You might have to ask for a supervisor to handle the situation if they still require you to come in person. Get a copy of the report and make sure its correct, and includes a report number.
Step three, order your credit report. You can order your credit report for free by visiting
https://www.annualcreditreport.com. Once you order your credit report please look for any errors that may have occurred due to fraud. While doing this you also want to look for errors that are not fraud related. Once you have identified the fraud on your report including addresses, phone numbers, misspelled names, and email addresses, make a list of this fraud.
Step four, visit the FTC website and create a fraud report, list all the fraud you have noticed on your credit report in your fraud FTC report. You will save this report and it will generate an FTC fraud report number. Please keep this handy.
Step five, write a letter to the credit bureaus. In this letter you make sure you attach proof of your identity, like your state government issued ID and Driver's license, Social Security Card, and a utility bill that has your name and current address on it. We have several sample letters that you can copy and just use with your situation. In this letter you want to include attachments like your proof of identity, but also a copy (keep your original) of the police report, and the FTC report. Make sure these copies are clear and legible. This letter with attachments should be sent certified mail return receipt requested to ensure they receive it and you have proof they receive it. If all is done correct they must “BLOCK” the information that is fraud related from your credit report within 4 business days. This Block is the equivalent of a removal.
Step six, after waiting 4 days for them to have blocked this fraud check your credit report and keep an eye out on it. We recommend getting a paid credit monitoring service for atleast a year to keep a close eye on your credit report and score. The best option would be SmartCredit.
Step seven, if the information has not been blocked, reach out to us so that we can advocate on your behalf. Its no secret that the credit bureaus ignore even basic disputed information even when you have a legitimate dispute and fraud claim. You need someone who is going to be on your side and not take no for an answer.
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