Fraud Alert: Protecting Your Good Name

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Every year millions of people fall victim to identity theft where their personal information is stolen and used without permission. Identity thieves destroy your credit, cost you time and money, and ruin your good name. If you are a victim or suspect unusual activity there are five steps you need to take as quickly as possible.

1. Place a Fraud Alert on Your Credit Report

Fraud alerts place a flag on your credit report and prevent identity theft by signaling creditors that they must verify your identity and contact you before opening any lines of credit. If a thief attempts to open a line of credit using your information the creditor will contact you using the information you supplied when you first placed the alert on your report. It is recommended that you provide your mobile phone number when placing an alert on your credit report to make sure you can be contacted easily. There are two types of alerts:

• Initial Alert
• Extended Alert

The initial alert stays on your credit report for 90 days unless you ask for it to be removed prior to that. You place an alert on your credit report by contacting one of the 3 major credit reporting companies. After contacting one of the credit reporting companies they are required to contact the other two for you. You are then entitled to 1 free credit report. An initial alert should be performed if you have your wallet or purse stolen or have been taken by a phishing scam.

The extended alert stays on your credit report for 7 years. The extended alert is similar to an initial alert except it stays on your report longer and you are entitled to 2 free credit reports. In addition to that your name will be removed from all the marketing lists that offer pre-screened credit offers. To place an extended alert on your credit report you need supply one of the credit reporting companies with an identity theft report that you filed with either your local, state, or federal law enforcement agencies. An extended report is appropriate if you are a victim of identity theft.

Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241

Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013

TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

2. Close Accounts with Fraudulent Activity

After placing a fraud alert on your credit report you should immediately close any accounts that you suspect fraudulent activity. You do this by calling the account’s company representative and then following up with a formal letter. Make sure that you send the letter via certified mail and return receipt requested. This will ensure that you have ample proof that the account was requested to be closed. After the account is closed you should also ask for a statement in writing that the account has been closed and there are no disputes outstanding. This will help you if you ever need to go to court.

3. File a Complaint with the FTC

Filing a complaint with the Federal Trade Commission will help law enforcement around the nation to track down the thieves who stole your identity. You can file a complaint by calling 1-877-IDTHEFT or online at www.consumer.gov/idtheft. Make sure you get a copy of the ID Theft Complaint for your records.

4. File a Report with Local Law Enforcement

After placing an alert on your credit report and closing fraudulent accounts you need to file a report with the local law enforcement. Make sure the officer includes your copy of the ID Theft Complaint form from step 3 in the police report. The officer will not be able to give you a copy of the police report, but ask them to sign your ID Theft Complaint form and include the police report number.

5. Fill out an ID Theft Affidavit

Next you need to fill out an ID Theft Affidavit to send to all your creditors as evidence of the identity theft. This form consists of two parts. The first section is for your personal information showing who you are and what steps you have taken in proving the identity theft. The second section is a list of all the accounts that you believe to be fraudulent. Make sure when you send this affidavit out that you include a copy of your ID Theft Complaint with the police report number.

LifeLock

If you want to make sure that you are fully protected from identity theft, LifeLock is security minded organization that will ensure all of this is taken care for you. Not only will they do this but they guarantee up to $1,000,000 if your identity is stolen while using their service. LifeLock takes the hassle out of identity theft protection. If you want to know more, read our review of LifeLock.

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