Taking preventative measures will certainly help reduce the chances that you will fall victim to identity theft. However, before you even begin to learn these preventative measures, you have to be aware of the clues or signs that may indicate your personal information has been compromised, so that you can mitigate the damage right away. Don't make light of these signs and treat them with urgency!
Clues or signs:
Unexpected withdrawals from your bank account(s)
Missing bills or statements
Calls from debt collectors regarding debts that aren’t yours
Unfamiliar accounts or charges on your credit report
IRS notification of multiple tax returns filed in your name
If you became a victim:
1. File an initial fraud alert A fraud alert places a red flag on your credit report and lets creditors know that they need to verify your information. It remains active for 90 days, but you can extend it for longer if you wish.
Call one of the three credit bureaus and request to place a fraud alert on your credit report. Once you place a fraud alert with one bureau, it is responsible for notifying the other credit bureaus of the alert.
2. Initiate a credit freeze Consider placing a credit freeze on your credit reports to prevent a creditor from being able to extend any further credit. A creditor cannot receive your credit report when you have a freeze on it. Any new application is automatically declined.
3. File an identity theft report.
Make a complaint to the Department of Justice (DOJ) by walk-in or by website.
Get a police report which you describe the identity theft.
Provide the police department with a copy of the identity theft report, which is considered an affidavit.
Get a copy of the police report and provide this report to companies to help establish that the debt was not taken out on your behalf.
4. Contact credit bureaus and businesses Contact your lenders, banks, and insurance companies and let them know the situation. Ask to close accounts. Open new ones with new personal identification numbers (PINs) and passwords. It's critical to keep track of the date and time of each call. Include the name and phone number of the person you're speaking with, as well as the instructions they gave you.
5. Place an extended fraud alert You can place an extended fraud alert if you've had your identity stolen and filed an identity theft report. It makes it more difficult for someone to open a new credit account in your name and forgo unsolicited credit and insurance offers for a period of five years. It's completely free and lasts for seven years. You can get a free copy of your credit report from each of the three credit bureaus twice within one year.