What
do you do if someone steals your identity?
by Robert Heady,
editor
Bank Rate Monitor
It
happened like this: A successful businesswoman had her Social
Security number stolen, and an ugly nightmare followed. The thief
ran to another state and used the woman's identity to obtain
a new driver's license and several credit cards, and ran up a
slew of charges.
As a result, the woman, who had
impeccable credit, was denied a mortgage. it took four full days
to straighten out the mess.
She contacted the three major credit
bureaus and gave them a code that any creditor would have to
know before issuing any new charges on her account.
The situation could have been worse.
Why? It's almost impossible to reach any of the credit bureausEquifax,
Experian and Trans Unionby telephone to settle a credit problem
or repair a personal credit record. You get busy signals, are
told that "our representatives are assisting other customers,"
or are asked to call back.
It's supposed to be easier to talk
to credit bureaus now because the Federal Trade Commission, after
receiving tons of complaints, only a few days ago forced the
bureaus to agree to answer calls with a live person. They must
do so within three minutes and 30 seconds, on average, and 90
percent of consumers must be connected to personnel without getting
a busy signal.
Good luck.
I gave up trying to get through
to each bureau after holding for 10 minutes on the phone. At
one of them, Experian, I even tried dialing a special number,
which I found on the Internet, for deaf people and the hearing-impaired.
Same problem: Every minute, for 10 minutes, I heard a faint robot
voice say, "Please stay on the line for the next available
agent."
Click. I hung up.
If you want to prevent getting
ripped off by an identify thief, follow these tips:
Don't carry extra credit cards,
your Social Security number, birth certificate or passport in
your wallet or pocketbook. Never throw credit card or ATM receipts
in the trash: shred them instead. Check bills and monthly statements
for unusual credit charges you never authorized. Shred any "preapproved"
credit offers that come in the mail that you don't want. Watch
out for strange credit card statements, utility or telephone
statements in your name that you never applied for.
Most critical, say the experts:
Get a copy of your credit report from all three credit bureaus
at least once a year, and check it for unauthorized charges and
who made inquiries on your file. The bureaus may have different
information on you, and they update their files only every three,
six or 12 months. Go to www.equifax.com, www.experian.com, and
www.transunion.com for their phone numbers and addresses.
If you know or suspect you're already the victim of fraud, do this:
Immediately report it to the police. Report any stolen cards to card issuers, and call the fraud-protection units at the three credit bureaus' special phone numbers: Equifax, (800) 525-6285; Experian, (888) 397-3742, and Trans Union, (800) 680-7289.
Ask the bureaus to add a fraud statement to your file, requiring any potential creditor to contact you before approving any credit applications in your name. Also ask for the names of any recent inquiries or credit accounts that are new to your file.
Notify your bank if checks are stolen, and get a new card and change your account number and password if you use an ATM card. Contact the Social Security Administration if your Social Security number has been swiped, and/or the postal inspector if you suspect mail theft.
Bottom line: You must take the first step if you've already been victimized, or suspect there may be something criminal going on. If the credit bureaus still don't answer their phones, write to the Federal Trade Commission, Consumer Response Center-FCRA, Washington, DC 20580, or call the FTC at (202) 326-3761.
Editor's Note: Robert K. Heady is the founding publisher of Bank Rate Monitor and is the co-author of the book, "The Complete Idiot's Guide to Managing Your Money." You can write to him in care of The Bull & Bear or send e-mail to jrnl8888@aol.com.
