Identity theft happens when someone uses your personal information — Social Security number, credit card numbers, bank accounts — without your permission for financial gain. It affects millions of people every year and can take months to fully resolve. But acting quickly and systematically can limit the damage and help you recover.
Contact one of the three major credit bureaus (Equifax, Experian, TransUnion) to place a fraud alert — they'll notify the other two. Consider a credit freeze, which prevents anyone from opening new accounts in your name.
Report the theft to the FTC at IdentityTheft.gov, which generates a personalized recovery plan and an official Identity Theft Report. Also file a report with your local police department — some creditors and agencies require a police report.
Notify your bank, credit card companies, and any other financial institution where fraud occurred. Close or freeze compromised accounts, dispute fraudulent charges, and open new accounts with different numbers and stronger security.
Federal law limits your liability for unauthorized credit card charges to $50 (and most issuers offer zero liability). For debit cards, your liability depends on how quickly you report — within 2 days limits you to $50; after that, up to $500.
Identity thieves often wait before using stolen information. Check your credit reports regularly (free weekly at AnnualCreditReport.com), review bank and credit card statements carefully, and consider identity theft monitoring services.
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