What to do if you are a victim

Even if you've taken extra care to guard your personal information, you still might fall victim to identity theft. If so, there are four steps you should follow right away to repair your name and credit. Remember, the faster you respond, the better your chances are of minimizing the damage.

Step 1: Contact one of the three major credit bureaus and place a fraud alert on your report. Once the credit bureau confirms your fraud alert, the two other bureaus will automatically be notified and will place alerts on your report as well. This fraud alert is good for 90 days. It can be extended to 7 years if you provide an identity theft report, as long as it's filed with a local police agency. Potential creditors will then know to verify any credit requests with you before granting them. If you think your mail has been tampered with, give them your phone number. This bureau is then required to notify the other two bureaus to also flag your report. You can request a free copy of your current report from each bureau. Review the reports closely to see what unauthorized accounts were opened and what charges were not paid.

Step 2: File a police report. Most creditors require one when you contact them to clear your credit. If you can't get a copy of the report, get the report number.

Step 3: Contact all of the companies you have credit accounts with and close any accounts that have been misused or opened without your authorization. Credit accounts include those with credit card companies, banks, phone companies, wireless companies, Internet service providers (ISPs) and utilities, as well as other service providers.

Step 4: File a complaint with the FTC. Once you do, your information will be entered into the FTC's secure database and help officials track down thieves. Also, if you were unable to get a copy of the police report, the FTC's ID Theft Affidavit is a standardized five-page form that is accepted by most companies to describe incidents of identity theft.