Identity Theft and Your Credit Report
By: Nancy | March 06, 2008 | Category: Money
Last Thursday, we talked about getting a free copy of your credit report. And I promised I'd come back this week with an overview of what to do if you find a mistake on it.
Ok, so you've gotten your free credit report from AnnualCreditReport.com and you've figured out how to read it. But something's wrong. Your birth year could be a little off or something could be misspelled. That's not so bad. But if you notice something like a current mailing address listed that's not yours, or accounts and lines of credit in your name that you didn't open, you could be one of more than eight million people in the US each year hit by identity theft.
Immediately contact the credit bureau that you got your credit report from (Equifax, Trans Union or Experian) to tell them about the mistake and to have them place a fraud alert on your account. They will then contact the other two credit bureaus and instruct them to place a fraud alert on your credit records with them too. A fraud alert on your credit record lets potential creditors know that you suspect that you've been the victim of identity theft, so they will be reluctant to give anybody any more credit using your name for an initial period of 90 days. You can have that extended to seven years.
Next, phone and write a letter to the company that says you have the potentially fraudulent account or line of credit with them. Don't just rely on phone calls or filling out online forms. Write a real letter (here's a sample) and keep record of every communication between yourself, the credit bureaus and the company that the thief got credit from in your name.
For much more detailed information about protecting yourself from identity theft and tools to help you get your good name back if you've been a victim, see the Federal Trade Commission's Fighting Back Against Identity Theft website.
I wish I could tell you that a couple phone calls or letters would take care of the problem if you're been hit by identity theft. Unfortunately, it can be more complicated than that. Getting fraudulent accounts proven and closed and getting your credit report accurate again will take time and persistence on your part. But it will eventually get straightened out.
What's your experience? Have you or somebody you know been the victim of identity theft?
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