Victims of Identity Theft: What Next? 

Each year, millions of citizens in the United States are victims of identity theft.  When tallying up the losses suffered by consumers, insurance companies and financial institutions, the numbers are staggering.  After obtaining someone else's personal information, identity thieves have the ability to withdraw money from their bank accounts, open up new credit lines, and conduct other financial transactions in the victim's name.  Because of the stealth nature of this crime, a victim may not realize that their identity has been stolen until finding themselves in a world of debt. After being victimized, restoring one's credit is a process that can take months or years to complete. 

Identity theft often cripples medical insurance consumers as well.  This is because insurance companies will often use a person's credit score to determine whether or not the applicant will be accepted or how to set rates.  What makes this even more troubling is the fact that identity thieves will also steal information to file fraudulent claims and receive medical benefits in someone else's name. 

Warning Signs

When the malicious crime of identity theft is suspected, it is important to act quickly.  The faster you respond, the faster you will be able to restore your life.  First you must be able to recognize when this crime has occurred.  In order to do so, you should take note of the following warning signs:

•                   - You begin to receive bills from credit card accounts you did not open

•                     -You observe unauthorized charges on your bank statements, medical or credit card bills

•                     -You are contacted by institutions and collection agencies concerning purchases you did not make

•                    - You are denied for insurance or loans due to unexplained debt on your credit report

•                     -An institution you do business with notifies you that your personal information has been fraudulently obtained or inadvertently disclosed to someone else

What to Do About Identity Theft

If you are certain that someone has used your information to commit identity theft, you should immediately follow these next steps: