Regaining Control after Identity Theft

Robert M. Ryerson, a Certified Financial Fiduciary with New Century Planning in New Jersey, has published multiple books on financial advice. In 2016, Robert M. Ryerson published "What's the Deal with Identity Theft?" which covered this form of financial crime.

Identity theft includes any form of false claim that the criminal is another person, and typically involves using personal information such as a Social Security number, phone number, credit card, or bank account. Many forms of identity theft can be severely financially damaging.

Once one discovers oneself to be the victim of identity theft, swift action should taken. The first steps should be calling any companies with accounts directly affected by the fraud and explaining the situation, freezing any accounts to which the thief gained access, and contacting one of the credit bureaus to place a fraud alert. Victims should also contact the authorities, including the Federal Trade Commission and the local police department. These steps mitigate the damage a thief can continue to do.

After this, victims should assess their credit reports and accounts in detail. New accounts opened by the thief should be closed. The fraud departments of individual businesses can help nullify false charges, and the credit bureaus should be kept in the loop regarding which information is fraudulent.

Signs of Identity Theft

For more than three decades, Robert M. Ryerson has been working in the financial industry. A Certified Financial Fiduciary at New Century Planning, Robert M. Ryerson also teaches about identity protection and has written a book entitled What’s the Deal with Identity Theft?

Here are a few signs that you may be the victim of identity theft:

- Unexplained denial of credit. Any denial of credit that you don’t understand may be a sign that your identity has been stolen. Identity theft can lower your credit score and negatively impact your credit history without your knowledge, leading to denied credit.

- Bills from unknown accounts. If you receive a bill for a credit card you know nothing about or if you get calls from creditors about debts you didn’t charge, someone may have opened accounts in your name without your knowledge. Contact the card issuer right away to close the accounts. Check your credit reports to see what else you can do.

- Missing mail. Rerouting mail from your address to a different address is a simple way to gain information about you. This is particularly worrying if you have credit card bills or bank statements sent to you by mail. Always notify your credit card issuer and bank if statements stop appearing on time, and make sure your mailbox is secure so no one can steal your mail.

- Unauthorized transactions. All credit card, brokerage, and bank accounts should be closely monitored for unauthorized transactions. The sooner you catch these transactions, the sooner you can file a police report.