Identity Theft Recovery
The Road Back
by Daryl Campbell
Not too long ago, a friend of mine mentioned that one of his coworkers
recently recovered his stolen identity. I asked how long the process took. "Only
two years" he replied.
Compared to my business partner's six year nightmare "only" maybe appropriate
but like most victims of identity theft, he probably thought "when". As in,
"when will I get my life back?"
Privacy Rights Clearinghouse, a consumer nonprofit organization, reported that
victims spend on average 175 hours trying to recover their identity, often over
a period of years. Factor in out of pocket expenses, (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. That report doesn't mean other law enforcement agencies have been
contacted. Yet, you must do a complete search of local and federal law
enforcement databases to find out if anything else, including criminal activity
exists on your identity.
You're also going to need the police report to contact 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, as well as the Medical Information Bureau. All
of these places must be sent a fraud notification alert.
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.
Know 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.
This brings us to the credit bureaus. Make sure your credit report reflects the
identity theft and gets flagged with a fraud alert. Many victims have received
assurances that the matter would be resolved, however months and sometimes years
later, the credit bureaus have not cleared their records. This without a doubt
ranks as THE biggest headache for identity theft victims.
Once a negative gets put on your record, it seems the credit bureaus refuse to
remove it, in spite of the countless documentation you provide to them. This can
affect you well into the future when buying a house, car or any other big ticket
item. If you are going to do this by yourself, constant follow up is critical.
That goes for all the organizations but especially the credit bureaus. Be
diligent until the matter gets resolved. Getting a lawyer wouldn't be a bad
idea.
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. It's not just bank accounts and credit cards. Many
identity thieves commit fraud by opening telephone accounts, purchasing cable
television or establishing credit with the gas & electric companies, in the
hopes it will go unnoticed for as long as possible.
If necessary get counseling. Identity theft can be a shattering experience
mentally and emotionally. Victims and family members often feel violated. 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 years, cost a lot of money,and cause
much stress and pain . But with follow up, support and belief that the nightmare
will end...the nightmare WILL end.
Daryl Campbell owns and operates WintheMarket.com (http://www.winthemarket.com).
Identity theft can be devastating. Restoring your good name can be overwhelming
and costly. If identity theft happens, you need more that do it yourself
information. Let the experts do the work for you. For free information go to
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