Identity theft is criminal behavior. It involves the illegal access or use of an individual’s personal or financial information. Identity theft can result in financial loss and seriously damage your credit history. If you are a victim, it will require substantial efforts to repair with identity theft restoration.

Chelsea State Bank wants you to understand its broad reach, since identity theft can take a number of looks. It can be tax-related, or involve the identity of your children or medical records. Typically, it is most likely to involve stolen credit cards or unauthorized charges on your credit card.

If it happens to you, swing into action quickly. Here are 7 steps you need to take to restore your good credit status as a result of identity theft.

1. Notify Your Creditors and Bank

Immediately contact us if your Chelsea State Bank account or existing credit line has been compromised. Shutting it down must be the first order of business. ATM or debit cards and electronic transfers from your bank account fall under the Electronic Fund Transfer Act, so you have to move fast. Reporting a lost or stolen ATM or debit card before any fraudulent transactions means you are off the hook for any that happen afterward.

2. Add Fraud Alert on Your Credit Report

Contact any one of the three credit reporting agencies, Experian, Equifax and Transunion, and request a fraud alert. By doing so, an alert will be put on all three of your credit files. Filing a fraud alert is probably the best step for someone who is unsure if they are a victim.

3. Check Your Credit Reports

After installing a fraud alert in your credit file, you’ll automatically receive a free credit report from each of the three agencies. Check your reports for signs of fraud for new accounts you didn’t open, and anything you don’t recognize. 

4. Contact Local Police

As stated earlier, identity theft is a crime, so alerting your local police is important. Secure a police report which lists all fraud accounts. Complete the ID theft complaint and affidavit form at the FTC’s website and print out for your records. Together with a police report, it serves as your ID theft report, which will help you dispute fraudulent accounts. Give as much documented information as possible and give them a copy of the ID theft complaint form from the FTC.

5. Contact Credit Reporting Agencies

By sending a copy of your ID theft report to the consumer reporting agencies, fraudulent accounts should be blocked from appearing on your credit report. Keep a close eye on credit reports to make sure that erroneous information doesn’t get added again.

6. Change and Update All Account Passwords

All accounts should have a password. Avoid using obvious passwords such as the last four digits of your social security number or your birth date.

7. Agencies You Need to Contact

• Notify Social Security if your number has been used fraudulently. Ask for a copy of your Personal Earnings and Benefits Statement and check for accuracy.
• Contact a Secretary of State office and change your driver’s license number if someone is using your license as an ID.
• Contact your telephone and utility companies. These companies need to be alerted in case an identity thief tries to open a new account in your name, using a utility bill as proof of residence.

Take these 7 steps to get your credit history back in control.

Chelsea State Bank offers ID TheftSmart to help protect your identity. See our Identity Theft Protection page for more information.