Proven Strategies to Reclaim your personal security and peace of mind if you have been a victim of identity theft
1. Register for Identity Protection Services (e.g., LifeLock, Aura)
What these services do:
- Monitoring: They monitor your personal information (like Social Security number, bank accounts, email addresses, etc.) across various databases to detect suspicious activity.
- Alerts: If something unusual (like new credit inquiries or account openings) is detected, they will send an alert via email, text, or an app notification.
- Insurance & Restoration Support: Many services include identity theft insurance and provide restoration support to help you recover if you do become a victim.
How to sign up:
- Compare Providers: Research reputable services such as LifeLock or Aura. You might also consider alternatives like IdentityForce, Identity Guard, or Experian IdentityWorks. Compare the features (monitoring, alerts, insurance coverage, restoration services) and costs.
- Choose a Plan: Select a plan that meets your needs (individual vs. family, level of coverage, etc.).
- Complete Registration: Provide basic personal information (name, address, Social Security number). You’ll typically create an online account and set up payment.
- Customize Alerts: Once enrolled, configure how you want to receive alerts (text, email, app notifications).
2. Order Your Free Credit Report
You are entitled by law to a free copy of your credit report once every 12 months from each of the three main credit bureaus (Equifax, Experian, TransUnion). During certain time periods or under certain circumstances (e.g., during the COVID-19 pandemic), you may be able to access free weekly or monthly reports.
- How to get it: Visit AnnualCreditReport.com. This is the only official website authorized by Federal law to provide free credit reports.
- What to check: Review each report carefully for:
- Unknown Accounts: Ensure all listed accounts are indeed yours.
- Incorrect Personal Information: Make sure your name, address, and employer details are correct.
- Unauthorized Inquiries: Look for inquiries or applications for credit you did not initiate.
If you find errors or fraudulent accounts, follow the credit bureaus’ dispute process outlined on their websites or contact the fraud department directly.
3. Place a Fraud Alert on Your Credit File
A fraud alert notifies potential creditors or lenders that you may have been a victim of identity theft. They will take additional steps to verify your identity before approving new credit in your name.
- How long it lasts: An initial fraud alert typically lasts one year, but you can renew it.
- How to set it:
- Equifax: Equifax Fraud Alert
- Experian: Experian Fraud Alert
- TransUnion: TransUnion Fraud Alert
Tip: By placing a fraud alert with one bureau, the other two should be automatically notified. However, it’s still a good idea to confirm individually to ensure each bureau has the alert in place.
4. Consider Placing a Security Freeze
A security freeze (also known as a credit freeze) restricts access to your credit report, making it much harder for identity thieves to open new accounts in your name.
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Key difference from fraud alert:
- With a fraud alert, creditors see a warning to verify your identity, but they can still pull your credit report if you permit it.
- With a security freeze, no one (including you, unless you temporarily lift the freeze) can access your credit report to open new accounts.
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How to set it:
Unlike a fraud alert (where notifying one bureau may automatically notify the others), you must place a security freeze with each bureau individually:- Equifax: Equifax Security Freeze
- Experian: Experian Security Freeze
- TransUnion: TransUnion Security Freeze
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Temporarily lifting a freeze: If you need to apply for a loan, credit card, or other service requiring a credit check, you’ll have to temporarily lift or remove the freeze. You can do this online or by phone, using a PIN or password set up when you initiated the freeze.
Additional Tips
- File a report with the FTC: If you are a victim of identity theft, consider filing a report at IdentityTheft.gov. This will guide you through a recovery plan tailored to your situation.
- File a police report (if necessary): In some cases, especially if substantial financial harm has occurred, it may be wise to file a police report.
- Monitor your accounts: Keep a close eye on bank statements, credit card statements, and credit reports. Early detection is crucial in minimizing potential damage.
Conclusion
Taking these four steps—enrolling in identity protection services, reviewing your credit reports, placing a fraud alert, and potentially placing a security freeze—can help you manage and mitigate the effects of identity theft. Always remain vigilant with your personal information, and if you detect any new suspicious activity, address it immediately with the necessary authorities and institutions.