After it happens, you need to make your plan.

Identity theft happens, now what? It’s time for your plan of attack. And this is not something you can put off until tomorrow.  So, let’s take a minute, and a deep breath to get the most important things done ASAP.

Close the accounts that you know, or think, have been tampered with. Cancel checking and savings accounts. Get a new ATM card.  Stop payments on outstanding checks.

Notify your bank(s) in writing.  It is best done by certified mail, with a return receipt request, so you can document what they received with a time-line.  Then you will need to open new checking and savings accounts.  Be sure to choose new Personal Identification Numbers (PINs) and new passwords.  Don’t forget to make them unusual enough that even your closest friends can’t figure them out. Not that they would ever try to!

Contact by phone every financial institution with whom you have a credit card and have them cancel those account numbers immediately and give you new ones.  They will issue you new cards usually within a few days. It is also a good idea to put your request in writing once again by certified mail.

Next, contact the three consumer reporting companies: TransUnion, Equifax, and Experian to place a fraud alert on your credit reports, and order a free report from each of them for your review.  Have a good look at them to determine anything out of order.

The Federal Trade Commission should know about your identity theft to help law enforcement throughout the USA track down identity thieves.

File a report with the police in the community where the identity theft took place.  Unfortunately, this may be more frustrating than you would think, because all local agencies aren’t necessarily trained how to handle identity theft cases.  Try to file your report in person, at the local police station.  Take with you copies (keep all originals for your own records, see below) of anything that you have to prove that your identity was stolen.  Be sure to bring copy of the report that you filed with the Federal Trade Commission.

Last but not least, keep a paper trail! From the very beginning when your head is still spinning, start writing down everything about the theft and all of the actions you take to clear it up. Keep copies of your credit card, bank statements and tax related documents from before the theft, as well as any damages afterwards. Your paper trail should also include names, dates and conversation details of anyone you speak to from all institutions and agencies regarding your identity theft. The more you have documented the better.