Last week we talked about Red Flag Rules and how this new implimentation could help protect you from identity theft. But what do you do if it happens to you? The Federal Trade Commission has four steps laid out if you believe you are the victim of identity theft.

Step One: Place a Fraud Alert on Your Credit Reports

This step is important because it will keep any further damage from happening. A fraud alert will prevent new accounts from being opened in your name.You need to call one of the three consumer reporting companies. You only have to call one because they are then required to contact the other two.

TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241

Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013

Once you’ve placed a fraud alert, you are then entitled to have one free copy of your credit report from each of these companies. Review your free report thoroughly for unauthorized activity.

Step Two: Close Suspicious Accounts

During your review of your credit report, if you spot any that were not authorized by you, close them immediately. Call and speak with someone in the fraud department of each company and follow up with a written letter. Make sure you keep copies of this correspondence because the records may be needed in the future.

Step Three: File a Complaint with the Federal Trade Commission

File a complaint with the FTC using this online form or you can call them at 1-877-ID-THEFT. The information you provide to the FTC will be used to help law enforcement across the country track down thieves.

Step Four: File a Police Report

You can either file a police report with your local police department, or with the department where the fraud took place. When you do this, make sure you bring a copy of the FTC complaint form and supporting documentation. Make sure you have a copy of this report once it’s completed. It will help you when disputing claims.