Identity Theft Reviewed

On a busy subway train in New York City, you’re enjoying a night on the town with your friends. Caught up in the joy of the evening, you hop from club to club with a smile on your face: that night, the city was yours.

The next morning, with a smile still on your face, you realize that your purse has been stolen or misplaced? A million thoughts run through your mind, and there are several important first steps to take to protect your identity. By making a small investment in identity protection, you can give yourself piece of mind but there are also several immediate steps to take in case you didn’t make that decision in advance. An investment in a service such as Life Lock or Trusted ID can save the time and resources necessary to secure your identity in the following steps.

It’s important to remain calm and begin to take steps to limit the damage to your credit and finances. You’ll want to take account of everything that you lost, including the credit cards, licenses and important information. Once you have taken inventory, then you can begin taking steps to reduce potential loses.

Protecting Your Identity After Loss or Theft
First, call your credit card companies and make sure holds are placed on your account. You can request new cards with different numbers, and make sure that you cancel your credit as well as debit cards – some companies have different numbers for each. Additionally, always make sure you let them know the date you lost the card, so they can review all pending transactions with you.

Next, make sure to contact your bank in case of any lost or stolen checks. In these cases, place a hold on your account and make sure that you stop payment on any unauthorized purchases that may occur. Often times, you’ll have to open a new account to ensure complete security.

You should also inform the major credit bureaus of the fraud, so that they can place a temporary, 90-day freeze on your account. This prevents the thieves from opening new pre-approved credit or insurance accounts in your name. Make sure to contact all three major credit reporting companies – Equifax, Trans Union and Experian – so that you cover all of your bases.

If your cell phone is stolen, also report that to the company using a friend’s phone so you won’t’ be held accountable for the charges. Get a new cell phone and, if necessary, a new number to secure your identity.

To protect your identity, it may also be necessary to contact government agencies, including your state DMV, the national Social Security Administration (in case your SSN has been compromised), as well as your local police department (so you have a record of the incident in case you need to file a grievance with a creditor.)

By investing in an ID protection service, you can save all of these steps and more. Next time, make sure you have identity protection before you hit the town.