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.