What to Do if You're a Victim of Identity Theft

Identity theft can be frightening to spot and frustrating to beat – a silent thief, it can be particularly difficult for a consumer to even know that they've been affected. This is one of the reasons that identity theft protection services are in such high demand in today's society, and why consumers are working to fix identity theft now. If you've encountered some unexplained credit stumbles or are finding errors in common account statements, you could be a victim of identity theft. Here are some signs that you might be affected:

• Have you been declined for a loan application? For borrowers with good credit, this is a very important sign. Those consumers who generally have no problem getting loans, mortgages or credit cards usually know there's a problem if they encounter difficulty. If you've been turned down for a loan, or are told that a higher interest rate is the result of your poor credit score, it might be time to look over your credit report. If you see a mistake on your report, inform the credit bureaus, creditor and the local authorities immediately that you think you are the victim of identity theft.
• Did you not make that purchase? It's vitally important to read your account statements every month, no matter how frustrating and irritating it might be. Look over the purchases and make sure they're all accurate – some sinister identity thieves use accounts for small, $50 purchases every once in a while. Many consumers miss them. If anything appears awry, call your bank or credit card company immediately.
• Is the mailbox empty? While we might at first think, "Good! No bills!" an empty mailbox could be a sign for concern. If you usually receive statements and other billing information in the mail – and it suddenly stops coming – find out why. Your mail could have been stolen, or your accounts could have been forwarded to a new address. One way to combat this is by switching to Internet billing and payments, which reduces the chances for mailbox theft.
• Conversely, is the mailbox getting full? Are you receiving denial letters for loan applications you didn't fill out? Are you getting unfamiliar statements? Don't just pass it off as junk mail – look and see what the documents say. This could be a very real sign that your identity has been stolen. Save the information and call the appropriate authorities. Be wary if these are solicitations – never give these companies your personal information. You could be stumbling upon a scam. If you suspect something, call the police and call your bank.
• Do you live there? Every year, get your credit report from all the credit agencies. Carefully review not only the accounts listed, but also the addresses. One clue that identity theft has occurred is if incorrect addresses appear in a credit report. If you see an error – no matter how small – report it immediately. A thief could have used your identity at another address in your hometown, or in another state altogether.