Identify-Theft Tips

A little over a year ago my wife and I celebrated our 5th anniversary and decided to celebrate this major milestone in our lives by taking a much deserved week-long vacation to the Florida Keys. While vacationing there we enjoyed ourselves and we stopped along the many keys. We stopped at the local shops and restaurants in the area and also made some credit card purchases.

Two months after our trip I received an urgent late-payment notice in the mail. At first, I though my wife had opened a new account without my knowledge. But after I consulted her regarding this bill she mentioned that she was not aware of any new open accounts nor had she opened additional credit within the last 5 months.

A quick call to the credit card company provided some interesting and dubious information. According to the credit card company, during the time we were on vacation, someone in Florida had taken my credit card information and had used it for some unauthorized shopping sprees for items ranging from flat screen TVs to Sony Playstation game boxes.

They had racked up a bill in the amount of $8,756.00. As he was telling me this, the sense of violation felt pretty overwhelming. I was also upset at the credit company for not catching much of the major purchases done within minutes apart; it should have raised many flags if they were paying attention. I knew right there and then I was in for a major battle, and also knew that I had to act immediately to shut down the thief and try to reclaim my name.

With all this information at hand I had to create a very comprehensive plan and a timetable to clear this mess. So here are the steps I took and how I surfed my way toward identity-theft recovery:

1. Look for online identity-theft resources

At IdentityTheft.org, I found some helpful tips on what steps to take and how to approach and tackle this major issue. At PrivacyRights.org, I also found information about legislation that protects your rights when your identity is stolen.

2. Get a copy of your credit report

Next, I requested a free copy of my credit report from annualcreditreport.com. They provide me with a free detailed report from the three major credit bureaus: TransUnion, Equifax and Experian. The report included comprehensive report information of my credit profile and it also points the areas that needed attention.

Fortunately, the Internet-which often is blamed for the increase in ID theft-is also filled with vast resources to help you report financial identity theft and start cleaning up the damage. During my research I found an good site called CreditDemystified.com that helped me. It houses a library with free tools such as credit repair and credit improvement guides, debt-consolidation workbooks, and several podcasts on credit clean up and how to improve your credit.

3: Alert the credit bureaus

After I got a copy of my credit report I got in touch with the fraud units of each of the three major credit bureaus and advised them that my identity had been stolen. I also requested that my credit profile be placed a 90-day fraud alert while I investigated my case. In addition I changed all passwords and personal security questions on all my accounts right away.

4: Notify the Social Security Administration

At the SocialSecurity.gov site I found a link to report ID fraud. The site explains what to do in case you are a victim of identity-theft and directs you to an online complaint form for the Federal Trade Commission. If the thief stole your Social Security number, you have an option to request a new one. But just keep in mind that new number won't necessarily give you a fresh start-it might just cause you more nightmares.

6: Don't pay up until the disputes are resolved

As long as fraudulent charges are in dispute, don’t pay any of them. Federal law protects ID theft victims from pushy creditors and, worse, nagging collection agencies. If debt collectors are making your phone ring off the hook, explain the situation verbally and in writing, and ask to fill out a fraud affidavit.

After contacting the 3 major credit bureaus and constant footwork, and also following the recommendation of these sites I was eventually able to successfully correct and remove the theft off my credit profile within a 6 month period. It was a painstaking detailed work that I had to spend a lot of time on. But it was worth it.

Tips: Be careful with your credit, and especially your social security number

* Don’t ever give out your social security number, especially to dubious web sites or emails. I don’t even give the Doctors office my social security number, this makes them mad, but hey, it’s my credit I’m protecting – not theirs.

* Don’t throw away your credit card receipts when you are traveling, keep them and shred them when you get home.

* Watch your credit by checking it from time to time, at least once per year and every six months would be even better.

* Keep a “stolen wallet” file on your computer or in a safe place in your home. This is a file with all of the cards in your wallet, including the account numbers, name on the card, expiration date and most importantly the 800 number to call to report a lost or stolen card.

Hopefully, by doing the above and being careful with your credit you won’t have to go through an identify theft situation the way I did. Just remember that being pro-active is your best defense and that you care about your credit the most, so only you will be able to dedicate the time and energy necessary to fix any credit issues that might pop-up.

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