Identity Theft: Don’t Be Naive – Part Two

Today, I’d like to share with readers what to do in the event their identity is stolen. We’ve previously discussed what things to look for when identity theft is suspected. But how identity theft is handled by the victim will make all the difference in not only putting a halt to financial ruin, but also bringing the culprit to justice.

Through much research, and extensive time navigating through webs of complicating steps victims must wade through, I’ve come up with a must do list. As soon as you realize your identity has been compromised, immediate attention is needed to stop the ongoing damage. This would include, but not be limited to, contacting the creditor right away to dispute the charges as yours. At this time, the creditor will ask if you’d prefer to begin an investigation, freezing the account. Failing to freeze the account would allow the identity thief more time to spend in your good name.

The creditor will also inform you that if you’d like to begin an investigation, it’s wise to file a police report with local authorites. In doing so, it bridges investigators between the creditor and law enforcement. Many credit card issuers require this report to continue their investigation, which ultimately negates any outstanding balances and damage to credit. To not do so would, by default, tell the creditor that you do not want an investigation and are taking responsibility for any outstanding balances. Also, no changes in credit rating will be made due to damage the theft has caused.

After these two steps are followed, it could be weeks before the investigation wraps up. So in the meantime, here’s some preventitive measures that should be taken:

• Place a fraud alert through the three consumer reporting agencies, TransUnion, Equifax and Experian.
• Close any accounts you suspect may be affected.
• File a complaint with the Federal Trade Commission
• Obtain your credit report.
• Stay alert and take control.

Placing a fraud alert through consumer/credit reporting agencies, you’re making them aware that your score is being affected by no fault of your own. It also helps flag suspected activity  the reporting agencies are alerted of. Request they contact you if any suspected activity occurs.

Closing all accounts you suspect may be affected will stop further damage from occurring, should the identity thief continue running up a tab.

Filing a complaint with the Federal Trade Commission (FTC), important information is relayed in order to assist law enforcement across the nation in stopping other cases from happening, or in order to apprehend identity thieves.

Obtaining a credit report will alert you of any other activity that may be occuring with your good name. Many identity thieves aren’t first-offenders, and may have multiple credit accounts of some nature open in your name.

Many identity thieves go from one victim to another, and some go years before being detected, after much damage is caused. In fact, many of these criminals are never caught because some can be very savvy. The ones that are exposed, usually arrogant, self-centered criminals that believe they’re entitled, are usually the least brightest.

If an identity thief is apprehended and brought to justice in a court of law, the penalty can be very severe. As a believer that since very few of these criminals are caught, an example must be made of the ones that are. I looked into Georgia Statutes for these type of crimes, and it seems the latest legislation calls for minimum sentences. This means the judge has very little discretion during the penalty phase of these type of convictions..

Identity theft, as is usually transcended into a charge of ‘Financial Identity Fraud’ in Georgia, is now considered a felony, and is punishable by 1-10 years incarceration and restitution to the victim(s). As the statute reads, and as translated by a collegue that’s an attorney, the convicted identity thief will be sentenced to one year minimum; and in more damaging cases, the judge can then add more time, up to ten years.

Identity theft is an epidemic in this country laws are running to catch up with. States around the country are cracking down on a crime that in my opinion, takes a bottom feeder to commit when causing harm to defenseless, law-abiders around them.

 

Sources: ftc.org, law.onecle.com