Ellen PhillipsMy recent presentations have spotlighted fraud and identity theft. But, what happens if the fraud actually does occur? What should we do then? One of my favorite colleagues, consumer expert Mary Hunt, along with nolo.com, offers these tips to regain our financial reputations after the deed is done.
First, grab a notepad with lots of empty pages. Regular readers know I’m obsessive about written documentation. Get the names of everyone with whom you speak – on the phone or in person – every piece of correspondence, copies of bank accounts, checks, debit or credit cards, evidence of the crime committed and any other information (such as copies of forms submitted), regardless of whether you think it’s significant or not.
Keep the contact numbers of the Big Three: Equifax 800-525-6285 (Equifax.com); Experian 888-397-3742 (Experian.com); and Transunion 800-680-7289 (transunion.com) on hand. If you have any suspicion you’ve been fleeced, call immediately. Even though I’ve said many times never to reveal your Social Security number, this is definitely one of a very few exceptions. It’s the key to all your financial history and your proof of identity. Ask each reporting agency to place an instant fraud alert on your files. And don’t stop there.
Quickly obtain your free credit reports from AnnualCreditReport.com, print each and thoroughly examine all three.
Call the police. It wasn’t twoo long ago that law enforcement shrugged off these complaints. No more. With thousands of fraud and/or ID thefts occurring daily, agencies now are trained to treat our catastrophes with the speed and support they deserve.
Go online to the Federal Trade Commission’s site (ftc.gov/idtheft) and fill out an Identity Theft Victim’s Complaint and Affidavit. A number of creditors may accept this affidavit if you discover accounts in your name set up by a scammer.
If you discover any such accounts, close them immediately. In fact, if you suspect compromise of any account – past or present – shut it down. It’s better to be safe than sorry, so contact every creditor, bank, credit card issuer and all other providers with whom you’ve done business.
Change all PINS and stop payment on checks. If the crook stole checks or opened a new account in your name, don’t just stop payment/cancel accounts at banks; report scammers to the major check verification companies, such as Telecheck (800-710-9898) or ChexSystems (800-428-9623).
If you think a fraudster is directing your mail to another address, go in person to your local post office and report this as mail fraud (another quick way to get the Feds involved).
Your Social Security number is the sacred cow to the thieves. Once they have this info, everything else falls into their laps. Report the theft to the IRS at irs.gov/individuals/Identity-Protection and, as a back-up, call 800-908-4490. These steps may prevent tax-fraud thieves from filing returns in your name and collecting your refund. (See my April 12, 2015 column.)
If your passport or driver’s license is stolen, quickly take steps to protect yourself. If you think someone is ordering a passport in your name or in your minor child’s name, contact the U.S. State Department. Visit travel.state.gov or call 877-487-2778. If you experience a driver’s license theft, which is much more likely to occur, notify your state’s Department of Motor Vehicles (DMV) as soon as possible. Request a new license and complete the department’s complaint/fraud form.
A little paranoia never hurt anyone. I’d far rather folks look askance at my fraud prevention OCD-activities than to gawk pityingly at my lost bank accounts, foreclosed home, repossessed automobile or me trudging down the street heading toward the poor house. (That last scenerio is only likely if you ignore every shred of today’s advice, as well as my good pal LifeLock’s $1,000,000 ID theft protection insurance.)
Contact Ellen Phillips at consumerwatch@timesfrepress.com.