How to Get Your Credit Back After Identity Theft

In 2007, a Javelin ID theft survey projected more 8 million people would be the victims of identity theft nationwide -- that's more than 32 times the number reported complaints reported to the FTC annually, according to U.S. PIRG, a consumer protection agency. Victims of identity theft must complete a significant amount of legwork to get your credit back, the law is on your side, and creditors should help you freeze your accounts and open new ones. But following up and making sure credit bureaus remove charges that occurred as a result of the theft.



Instructions

1. Go to Annual Credit Report's website to obtain one free copy of your annual credit report. The organization entitles you to one free copy of your credit report from each of the three consumer reporting bureaus. Request that only the last four digits of your Social Security number appear on each credit report.
       
2. Review your credit report. Look for inquiries made by unknown companies seeking to obtain a copy of your credit report and credit accounts with which you are unfamiliar. Review the personal information printed on your credit report as well. Check your Social Security number, address, name and other personal information for errors.
       
3. Place a fraud alert on your credit reports. Contact either TransUnion at 800-680-7289, Equifax at 800-525-6285 or Experian at 888-397-3742 to set up the fraud alert. Once you contact one consumer reporting bureau, they are required by law to contact the other two. You do not need supporting documents to place a fraud alert on a credit report. It is typically one of the first steps in the process.
       
4. File a police report. According to the Fair Trade Commission, a credit card company must stop reporting fraudulent information on your credit report if you file a police report about the incident. After filing the report you will receive an Identity Theft Report.
       
5. Provide a copy of your Identity Theft Report, along with a cover letter stating that you are the victim of identity theft, to your credit card company and each of the three credit reporting bureaus. Forward the letter to your credit card company's "billing inquiries" department by fax or mail.
       
6. Close your accounts. Send a formal letter by certified mail to your credit card company's fraud department asking to close all your credit accounts. Your credit card company will issue new account numbers so new fraud cannot take place. The "billing inquiries" department is separate from the fraud department, so follow up with both to expedite the process.
       
7. Open new password protected credit and loan accounts. Select a unique Personal Identification Number (PIN) and/or password for each credit account. Make transactions as needed. Payments made on your new accounts are reported to your credit reports.
       
8. Monitor your credit report over the next year to check for any new incidence of identity theft. Look for unknown inquiries requesting access to your credit report and new accounts for which you have not applied.