If you believe you have been the victim of identity theft, the first thing you should do is isolate the account you believe to be the problem. Once the account is isolated, you'll need to contact your credit provider and let them know you believe your account has been breached. They'll place a freeze on the account which means it cannot be used at all. If the thief attempts to use the card again, the authorities will be notified as to their locat [Read More]
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The Seriousness of Identity Theft
Identity theft does not just involve using your credit card or debit card. In fact, most often your existing accounts are safe. Instead, identity thieves are opening new credit card accounts, acquiring new loans, using your information to create new telephone accounts, using your name for online transactions, medical fraud, or even to get a job using your Social Security number leaving you with taxes to pay. Your identity can also be used for various utility services, house payments, fraudulent tax returns, and even government services. Some of these are highly illegal and result in you being held responsible for someone else's crimes. You will be summoned to court and forced to prove an imposter had been doing their dirty dealings under your name.
How Long Does It Take To Recover From Identity Theft?
There is no short answer to how long it takes for the effects of identity theft to fade. This is because there are many different factors that determine how difficult the recovery will be including the type of theft, whether the thief sold your information to another thief, whether the predator is ever caught, and how long it takes for you to discover your identity has been stolen. After this, the problems depend on the particular credit agencies involved and how well they work with you. Some will work very well while others will give you the run-around, not worried about whether or not the right person is responsible for damages.
Once you are a victim, you will need to monitor your financial records for years after the crime is discovered. Your credit report should be reviewed once every three months during the first year then once a year thereafter for the rest of your lifetime.
Identity theft victims should be careful not to delay contacting the companies involved. You will initially make contact by phone then follow up with reports in writing. The police will also need to be involved. Stay persistent as some companies will not work well for you. Persistence is the key so you can undo the damage as quick as possible. You may need to hire a lawyer to help you clear your record in a more timely fashion. Expect this process to take at least a year.
What Steps Should I Take to Prevent Becoming a Victim of Identity Theft?
It is important to check your bills, bank statements, regularly and avoid disclosing your information over the phone or internet. Even if you take all these steps, prevention is not guaranteed. The best way to protect yourself is to hire a professional theft protection service. By doing this, you will guarantee that your security is protected in a way that it cannot be if you do it alone.
A professional identity theft protection company will monitor your records. They have ways of keeping your security safe and protected and offer a recovery service if needed in order to save you the hassle that is normally associated with stolen identities. You will have a partner backing you up, preventing devastation.