In the event that you identity is stolen you should take these steps to minimize the damage that can be done. First and foremost file a police report with you local law enforcement agency. Creditors are more likely to believe the charges are fraudulent if a police report has been filed. Remember there is a $50.00 per account maximum limit of consumer responsibility for fraudulent transactions on your credit cards; however this limit does not apply to debit cards. Also, place an initial 90 day fraud alert on your credit reports. The credit reporting agencies can be reached at:
TransUnion: www.transunion.com, 1-800-680-7289
Experian: www.experian.com, 1-888-EXPERIAN (397-3742)
Equifax: www.equifax.com, 1-800-525-6285
Once you have placed the initial fraud alert the credit reporting companies will provide you with a free copy of your credit report. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and transactions on your accounts that you can’t explain. Close all accounts that were fraudulently opened and dispute all fraudulent transactions, this should be done in writing using certified mail.
The Federal Trade Commission compiles data on identity theft that can be valuable to law enforcement officers who are pursuing the criminals so you should file a report with the FTC detailing the facts of your case. This can be done at 1-877-ID-THEFT (438-4338) or TTY, 1-866-653-4261 or online at ftc.gov/idtheft.
One important thing to remember is to create a paper trail documenting your reports to law enforcement agencies and creditors. Make sure all disputes involving fraudulent accounts and transactions were sent in writing by certified mail to the creditors. Keep copies of all documents for your records.
For more information and helpful forms please refer to the FTC’s publication: Take Charge: Fighting Back Against Identity Theft.
Robert K. Minniti, CPA, CFE, Cr.FA, CFF, MBA
Arizona Society of CPAs
J. Michael Stolp
mhstpt
Robert K Minniti, CPA, CFE, Cr.FA, CFF, MBA
Ed Zollars, CPA
Jason Washo, CPA, PFS
dsscpa
cguerriero
Cindie Hubiak, CPA
Jose Herrera
Heidi Frei
[...] Denied.com | Credit Scores | Credit Reports | Apply for Credit wrote an interesting post today onHere’s a quick excerpt In the event that you identity is stolen you should take these steps to minimize the damage that can be done. First and foremost file a police report with you local law enforcement agency. Creditors are more likely to believe the charges are fraudulent if a police report has been filed. Remember there is a $50.00 per account maximum limit of consumer responsibility for fraudulent transactions on your credit cards; however this limit does not apply to debit cards. Also, place an initial 90 day fraud alert on your credit reports. The credit reporting agencies can be reached at: TransUnion: http://www.transunion.com, 1-800-680-7289 Experian: http://www.experian.com, 1-888-EXPERIAN (397-3742) Equifax: http://www.equifax.com, 1-800-525-6285 Once you have placed the initial fraud alert the credit reporting companies will provide you with a free copy of your credit report. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and transactions on your accounts that you […] [...]