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Credit Card Theft” width=”240″ height=”189″ />

Have you ever been surprised by having a credit application denied?  Or been told that you’re paying too much for your car insurance because you have bad credit?

There are 15 million victims of identity each year with an estimated loss of $50 billion.   That’s a lot of cake.    If you’re credit card gets stolen, you’re only liable for up to $50 of the theft, but what if your checking account is cracked or someone is opening accounts in your name?   What is the indirect cost coming form higher interest rates?

Identity theft happens.  It could happen to you.

What should you do if you become a victim of identity theft?

1. File a police report.   You’ve been victimized, make sure you have some documentation of that.
2. Contact any credit card company that has possibly been affected.   If you lost your wallet, call them all.    If somebody has opening cards in your name, call all of those.
3. Call the credit bureaus* and have a fraud alert put on your credit report.   This will force any new creditor to take extra steps to verify your identity before opening a new account.  Ideally, your identity thief won’t be able to make the grade.   If that isn’t enough, look into an identity freeze.   That will stop a lender from even seeing your credit report without your explicit permission.
4. Close your bank accounts  Depending on how severe the theft, you may need all new accounts at every level.   If the thief has a box of your checks, or even your account and routing numbers, you need to close the accounts to protect your money.
5. Report the theft to the FTC at 877.438.4338.   You’ll get additional documentation of the theft, including an ID Theft Affidavit that can make it easier to clean up the mess.
6. Hire a witchdoctor to curse the soul of your attacker.   No, he probably won’t actually turn into a warty toad, but what if?   Maybe the universe will wield the Magic Karma Hammer and beat him into a little greasy stain in the street.