Identity Theft: The road back
A couple of weeks ago, a friend of mine mentioned that one of
his co-workers recently recovered his stolen identity. I asked
how long the process took. "Only two years" he replied. Compared
to the six year nightmare suffered by one of my business
associates, "only" maybe appropriate. However like most victims
of identity theft, my friend's co-worker probably thought in
terms of "when". As in, "When will I get my life back?"
Privacy Rights Clearinghouse, a non profit consumer
organization, reported that identity theft victims spend on
average 175 hours trying to recover their identity, often over a
period of years. Factor in out of pocket expenses which usually
total, usually over $1,500 according to the Federal Trade
Commission and recovery gets painfully magnified.
What are the steps to identity restoration? It starts with
obtaining a police report. You're going to need it for
contacting the many and I mean many different agencies and
organizations, including the Social Security Administration, The
Federal Trade Commission, all of your financial institutions,
the 3 major credit bureaus, the Passport Office, The Department
of Motor Vehicles, the Post Office, and other law enforcement
agencies as well as the Medical Information Bureau, since
identity thieves now target hospitals and doctor's offices. All
of these places must be sent a fraud notification alert.
It is vital that you contact other law enforcement agencies. The
databases of local and federal authorities must be searched to
ensure no criminal activity exists on your identity.
Concerning your financial institutions, get them to cancel your
credit cards and close your bank accounts. Find out from your
bank about any suspicious activity, such as accounts tampered
with or opened fraudulently. Reopen new bank accounts with
password verification.
When contacting the credit bureaus make sure your credit report
reflects the identity theft and gets flagged with a fraud alert.
Dealing with all these organizations requires constant follow
up. Make sure you keep a record of who you talk to along with
the date, time and action taken. Many victims received
assurances from the various bureaus and agencies that the matter
would be resolved only to find the identity theft remained and
that were still liable. If you do this yourself, be diligent.
Constant follow up all the way to the end.
This also requires knowing your rights. According to the Fair
Credit Reporting Act of 1992, you must be told not only what's
in your file but if that information is being used against you.
The Federal Trade Commission recently expanded the rights
available to victims of identity theft including your right to
get negative information due to fraud blocked from your records.
Stay Away from "credit repair "companies". No matter what they
advertise, there's usually nothing they can do to help you with
identity theft. Some of them even offer to help you apply for
credit under a new identity. Hello? When trying to eliminate
fraud from your record you don't want to create more fraud!
Advise the utility companies. Many identity thieves open
telephone accounts, purchase cable television or establish
credit with the gas & electric companies. It's not just bank
accounts and credit cards.
If necessary get counseling. Identity theft can be a shattering
experience not just economically but emotionally. Many victims
feel ashamed and humiliated. It's not their fault of course but
the feelings remain. A network of support groups and counselors
exists if you need it.
The road back from identity theft can take time, money, and
cause much stress and pain . But with follow up, support and
belief that the nightmare will end...the nightmare WILL end.
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