Had Your Identity Stolen? Don't Panic And Get Started With These 5 Things Right Away

Remember that hilarious scene in The Office where Dwight Schrute, played by Rainn Wilson, sternly warns Jim, portrayed by John Krasinski, that “Identity theft is not a joke, Jim! Millions of families suffer every year”? Turns out, Dwight was onto something pretty serious. According to the 2023 Identity Fraud Study from Javelin Strategy & Research, over 15 million people fell victim to traditional identity fraud last year.

So, what happens if someone decides to take a joyride with your identity? It's more than just an annoyance — it's a serious crime that can wreak havoc on your finances and take a chunk of your time and peace of mind to set right. From someone opening new accounts in your name, filing dodgy tax returns, or pulling off fraudulent medical claims, the effects can be pretty damaging. Here are 5 steps you can take to fight back and regain control:

Alert the Issuers of Your Paperwork

If you've had your ID swiped, report your stolen ID immediately to the agency that issued it. Got your bank account hacked? Ring up your bank. Credit card number swiped? Call the credit card company. Social Security number compromised? Reach out to the Social Security Administration. And remember, don't drag your feet because you don't want the police showing up at your door because someone else committed a crime under your name.

Freeze Your Credit or Set a Fraud Alert

Next, hit up the three major credit bureaus — Equifax, Experian, and TransUnion. You'll want to ask for a credit freeze or a fraud alert on your file. Both options are free and won't affect your credit score. A freeze locks down your credit, stopping most companies from checking your credit history without your say-so. However, certain entities like government agencies and debt collectors might still peek through. A fraud alert, on the other hand, puts lenders on notice to verify your identity before opening new accounts in your name, and it lasts for one year.

Report to the Federal Trade Commission

Swing by IdentityTheft.gov courtesy of the FTC. This handy site guides you through reporting your stolen identity, tailored to the specific details of your situation. While the FTC doesn't chase down the thieves, it collects your reports to help facilitate investigations and prosecutions related to ID theft. Make sure to print a copy of your report—you'll likely need it for your bank and creditors.

Contact Your Local Law Enforcement

Don't forget to report the theft to your local police department. This can be crucial if the thief tries to pass off your ID during a police stop or other legal issues. It’s also useful when proving to banks and businesses that your identity was indeed stolen. Bring along some form of identification like a driver's license when you file the report.

Scrutinize and Correct Your Credit Reports

Request a free copy of your credit report from each of the credit bureaus. Go through each one with a fine-tooth comb for any unauthorized accounts or errors. If you spot mistakes, write to the bureaus to get them fixed, and send your letters via certified mail to ensure they receive them. You’ve got documentation, right? Keep copies of everything you send over. The bureaus have 30 days to investigate your claims.