4 Signs That You Might Be A Victim Of Identity Theft

One of the most alarming elements of identity theft is that it’s a crime that can very often go on for weeks, months, or even years before it’s detected. By the time the victim realizes what has happened, the amount of damage that has been done is catastrophic.

Financial losses can add up without a consumer realizing it, and victims of identity threat often see their credit scores adversely impacted, leading to more financial stress in the future. The key to minimizing the negative consequences of identity theft is discovering early on that someone is using your personal information for their financial gain.

There are several red flags to watch for that will help keep damage to a minimum. Some of these include:

1. Unidentified Items on Credit Reports: There are three major credit reporting agencies that consumers should be aware of: Equifax, Experian, and Trans Union. It’s a good idea to pull your credit report at least annually to make sure that there is nothing unfamiliar open in your name. There are also agencies that will monitor your credit report in your behalf on an ongoing basis for a small fee. Alerting these agencies of any red flags you find is also a good idea.
2. Unexplained withdrawals from bank accounts and credit charges: Unfortunately, there are many people who receive bank statements in the mail and either fail to open them or fail to check them thoroughly. It’s important to be able to account for every transaction with your bank account. It’s easy to monitor most bank accounts online, an activity that could become a weekly habit to keep identity theft damage to a minimum. Credit card statements should also be examined thoroughly to ensure all of the charges are accounted for.
3. Unknown Collectors Calling: If you hear from a collector asking about repayment on a bill that you’ve never heard of, there’s a chance that an identity thief has opened an account and spent money in your name. Do not assume these calls are a mistake. Ask for all of the information that the collector can provide in writing, including a history of the debt, to get an idea of how long the problem has existed.
4. Missing Statements and Other Mail: Once an identity thief is using your credit card or bank account, a common practice is to change the mailing address on your accounts so that statements don’t arrive in your mailbox. Pay attention to when monthly statements normally arrive and investigate if you’re statement is missing. When possible, elect to receive bills and statements online to minimize chances of stolen mail leading to your identity being stolen.

Identity theft can cause serious problems in your financial life today and in the future, as identity thieves will not only spend money in your name now, but ruin your credit for years to come. Paying attention to the above red flags will help you to keep problems to a minimum if your identity is stolen.