Credit Repair - What to Do When You Become The Identity Theft Victim

Life as an Identity Theft Victim could be stressful and intimidating. Stressful as you need to ensure that all financial and credit accounts are in order or closed and opened new again. Negotiation with bankers and lenders could lead to less favorable terms and conditions should you not be in a financially stable situation.

Here we outline the fundamental reactions if you should find yourself becoming the victim of Identity Theft:

Immediately call the related bankers or lenders whose bills contain the bad charges. Essentially, in most situations, you are given a grace period of about a month to notify the credit company or lender should your find the transaction suspect. You will then be legally protected.

Inform them that you suspect the transactions are fraudulent, that you have become a victim of identity theft and request that the fraudulent charges be removed from your accounts. You will be required to provide documented proof to support your claims. If many of your accounts are involved, the is a high probability that your may be required to close all the affected accounts and open new ones. Report the crime to the police should your checks have been stolen and used, and obtain a copy of their report to forward to your bank and the merchant who cashed the fraudulent check.

Staying focused and organized with a cool head at this juncture is very critical. Keep a clear log of all the phone conversations, with whom you spoke to and what are the resolutions proposed or agreed upon. Collate all related correspondence in folders for easy reference. And the most critical aspect is to ensure that all correspondence must be certified return receipt requested so as to ensure that the relevant parties truly received your mail. Remember that at this juncture, how ever you react to the situation will reflect your maturity or inability to cope with the difficult situation ahead.

Contain all your correspondence within your bank or lender's fraud investigation officers and never discuss with the customer service or bank managers. Limiting discussion to the fraud investigation department would ensure security and lessen confusion on the progress of investigation.

Access Security is critical. Whether you use ATM or Online Banking to access your accounts, there is need to add a new layer of security to your existing or new accounts. Contact you r banker or lender and request that they create an additional layer of security in the form of password for your account access purposes.

Understand that if you ID or SSN has been accessed and used, nearly all facets of your identity would be infringed. Imagine someone living your life, spending your money and credit. Hence, it is critical that you comb all your financial accounts and statements until you have fully cleared all outstanding fraudulent cases. Even at the aftermath, you should keep up the good habit of frequently reviewing your credit reports from the big 3 and ensure that your credit scores are maintain at a high level.

The pain, agony and stress associated with Identity Theft far outweigh the financial devastation at times extending over a period stretching from months. Hence, you need great patience and time to ensure all your Identity Theft problems are eventually weeded out.