What to do if Identity Theft Happens to You

We all know that identity theft happens, but, if we’re being honest, most of us don’t think it will ever actually happen to us. In truth, though, absolutely anyone, no matter how careful they are, can be a victim of identity theft.

If this unfortunate crime does happen to you, you’ll probably be notified via a letter from the Internal Revenue Service (IRS). The letter will tell you if a false income tax return was filed in your name and/or with your social security number. If that does happen to you, you might feel shocked and

upset, but it’s important to move past your emotions and act quickly, especially since there are a lot of things you can do to make things right once again, and the sooner you do those things, the less hassle and trouble involved.

Step #1: Tell Everyone What’s Happened

First things first, if you find out (or even suspect) that you have been the victim of identity theft, you need to let absolutely everyone related to your finances know. To start with, notify your accountant, financial advisor, or any other professional financial services you utilize. For best results, send over a copy of the IRS letter or suspicious communication you received. Actually mail this information in too just in case your email or other online communications have been hacked.

You’ll also want to send some kind of response to the IRS. Pay attention to the directions you receive on your notification letter, and follow them exactly. The IRS is a very busy agency, so they don’t have a lot of time for people who can’t follow basic directions. In most cases, you’ll need to complete and send in the IRS’ Identity Theft Affidavit (Form 14039).

Step #2: Contact the Credit Bureaus

In the United States, there are three major credit bureaus, and they are all connected. So, fortunately, if you contact just one of these bureaus and set up a fraud alert, all of the others will be informed as well. However, if you want to be extra cautious, there is no harm in contacting all of three bureaus, whose contact information you can find below.

l Equifax: (866) 349-5191

l TransUnion: (800) 680-7289

l Experian: (888) 397-3742

Step #3: Get in Touch with the Federal Trade Commission

The IRS isn’t the only organization that cares about your experience with identity theft or that needs to know about it. You will also need to fill out the appropriate forms with the Federal Trade Commission (FTC). Just like the IRS, this organization has its own identity theft complaint/affidavit form that you will need to fill out. #IdentityTheft

Wednesday, October 14, 2015